Euro may accelerate higher on break of key Fibo resistance
The Euro is consolidating after strong acceleration in past two days (the pair was up 1.92%) but keeps firm tone.
Bulls hit new multi-month high on Friday and eye next target at 1.0578 (Fibo 38.2% of larger1.2266/0.9535 downtrend), break of which to confirm reversal pattern on monthly chart and open way for stronger recovery.
Strong bullish momentum on daily and weekly chart and double golden-cross (5/200 and 10/200 DMA) support the action, although headwinds could be expected as studies are overbought on both timeframes.
Look for better levels to -re-enter bullish market, while dips hold above rising 10DMA (1.0387).
Res: 1.0578; 1.0620; 1.0700; 1.0786
Sup: 1.0480; 1.0426; 1.0387; 1.0366