Bulls pressure triangle upper triangle boundary; data could help
The Euro maintains bullish tone on Tuesday and extends rally from 1.1620 trough into third straight day.
Monday’s strong rally which resulted in penetration and close in the daily cloud, was bullish signal.
Fresh strength broke above pivot at 1.1718 (Fibo 61.8% of 1.1848/1.1508 descend) and pressures key obstacle at 1.1738 (triangle resistance) break of which would generate next strong bullish signal.
Daily techs are supportive as MA’s are in bullish setup and turning up, while north-heading momentum made bull-cross with its 7SMA and broke into positive territory.
German jobs data and EU CPI / GDP are key events for the single currency today and could spark stronger rally on upbeat releases.
Conversely, weaker than expected numbers would keep the Euro within narrowing range and wait for stronger signals from tomorrow’s FOMC decision.
Res: 1.1734; 1.1750; 1.1767; 1.1790
Sup: 1.1700; 1.1682; 1.1635; 1.1620