Euro rises on weaker dollar; Brexit talks and ECB Lagarde’s speech eyed for fresh signals
Fresh risk mode lifts Euro to three-day high on Monday after recovery attempts were rejected on Friday.
Bulls cracked important barriers at 1.1760 zone (converged 10/30DMA’s / 50% retracement of 1.1830/1.1688 downleg) with firm break here required to sustain recovery.
Conflicting daily techs (weakening momentum / north-heading RSI and stochastic and MA’s in mixed setup) lack clearer signals, while near-term action remains weighed by recent bull-trap above 50% retracement of 1.2011/1.1612 descend (1.1811).
Bullish bias is expected to remain while the price holds above 20DMA (1.1730) but the downside is expected to stay at risk if fresh bulls fail to clear pivots at 1.1760 zone.
Traders look for further signals from today’s top-level Brexit talks and the speech of ECB’s President Lagarde.
Res: 1.1776; 1.1797; 1.1815; 1.1830
Sup: 1.1730; 1.1703; 1.1688; 1.1660