Break of trendline / Fibo barriers generated fresh bullish signal
The Euro rose to two-month high on Thursday, inflated by dovish Fed, while eventual close above key Fibo barrier and trendline resistance (1.2102/10) on Wednesday generated positive signal and added to bullish stance.
Fresh bulls eyes targets at 1.2197/1.2242 (Fibo 76.4% of 1.2349/1.1704 / Feb 25 high) but gradual advance along rising upper 20-d Bollinger band (currently at 1.2178) is more likely.
Repeated close above 1.2102/10 pivots is needed to confirm bullish signal, but sideways-moving momentum studies suggest that near-term action may pause again before continuing higher.
A higher base at 1.2053 is reinforced by 100DMA and marks key support.
Res: 1.2149; 1.2178; 1.2197; 1.2242
Sup: 1.2110; 1.2102; 1.2053; 1.2026