Bullish acceleration attacks key resistance zone
The Euro rose to two-week high (1.0956) on Tuesday, extending Monday’s 1% rally which generated bullish signal on eventual break from larger congestion.
Bulls cracked barriers at 1.0921/21 (Fibo 38.2% of 1.1017/1.0766 / 55DMA) and focus strong resistance at 1.0962 (base of falling and thickening daily cloud, reinforced by 100DMA).
Monday’s long bullish candle underpins the action as daily techs turn to positive setup.
Penetration of daily cloud would generate further bullish signal, however, fresh bulls need clear key barriers at 1.1015/17 (200DMA / 1 May high, top of larger range) to spark stronger advance.
Res: 1.0962; 1.0970; 1.1000; 1.1015
Sup: 1.0936; 1.0902; 1.0865; 1.0851