Bulls remain in play above broken trendline
The Euro regains traction and pressures 1.1300 barrier in early Wednesday’s trading after repeated upside rejection and Tuesday’s close in red.
Near-term action remains biased higher after Tuesday’s dip closed above key levels at 1.1269/65 (broken trendline / Fibo 38.2% of 1.1422/1.1168) which now act as key supports.
Rising positive momentum and MA’s in bullish setup on daily chart support scenario, but fresh advance needs break and close above cracked Fibo barrier at 1.1325 (61.8%) to neutralize existing downside risk, following double failure to clearly break this barrier.
Dip-buying remains favored while the price holds above 1.1265 pivot, with firm break above 1.1325 to signal bullish continuation and expose targets at 1.1362 (Fibo 76.4%) and 1.1400/22 (round-figure / 10June peak) in extension.
Dip and close below 1.1265 would weaken near-term structure and risk completion of bull-trap pattern.
Res: 1.1300; 1.1325; 1.1348; 1.1362
Sup: 1.1265; 1.1250; 1.1228; 1.1200