Euro rises on weaker dollar after Fed, psychological 1.20 barrier in focus
Bulls regained control and lifted the Euro in early Friday’s trading, signaling eventual break out of five-day congestion.
Weaker dollar in post-Fed trading and month-end flows boost the single currency for repeated probe through falling 100MMA (1.1869) which capped July’s strong rally.
Psychological 1.20 barrier is under increased pressure and break here would spark fresh acceleration higher on triggering a number of stops, parked above, that would expose targets at 1.2102/66 (Fibo 76.4% of 1.2555/1.0635 / monthly cloud top).
Rising positive momentum and daily MA’s in full bullish setup support the scenario.
Broken 10DMA (1.1840) and Fibo barrier at 1.1822 mark solid supports which should keep the downside protected.
Res: 1.1952; 1.1965; 1.2000; 1.2102
Sup: 1.1840; 1.1822; 1.1810; 1.1771