Bulls are regaining traction but risk of fall below 1.10 pivot exists
The Euro found footstep after double failure to close above important Fibo barrier at 1.1049 (Fibo 38.2% of 1.1249/1.0925) and Thursday’s strong upside rejection at falling 20DMA / Fibo 50% retracement).
Dips managed to stay above psychological 1.10 support and the pair ticks higher in early Monday, in fresh attempts to make clear break above 1.1049 and generate fresh bullish signal for recovery extension through falling 20DMA (1.1068) and 1.1084 (Thursday’s spike high).
Caution of repeated recovery stall as daily indicators warn of such scenario (momentum turns south, while RSI and stochastic are flat).
Violation of pivotal supports at 1.1005/00 (50% retracement of 1.0925/1.1084/ psychological) would weaken near-term structure and signal reversal.
Res: 1.1049; 1.1068; 1.1087; 1.1099
Sup: 1.1015; 1.1000; 1.0986; 1.0968