Euro bounces after thick daily cloud repeatedly contained dips

The Euro rose on Friday, lifted by signals that the ECB is unlikely to cut interest rates in pandemic fight, while small growth in Germany and Spain and smaller than expected contraction in French economy in the fourth quarter added to positive signals.
Fresh strength emerges after the top of thick rising daily cloud contained dips for the third straight day, with long lower shadows of daily candles of past three days point to strong bids.
Formation of bear-trap pattern on daily chart supports recovery, additionally underpinned by rising cloud.
Bulls probe eye pivotal barriers at 1.2166/70 (Fibo 38.2% of 1.2349/1.2043 pullback / 20DMA) with firm break here to generate initial reversal signal, which would look for confirmation on lift above 1.2189 (22 Jan lower top).
Rising momentum indicator on daily chart is about to break into positive territory and further boost recovery.

Res: 1.2166; 1.2170; 1.2188; 1.2201
Sup: 1.2123; 1.2104; 1.2064; 1.2053