EURUSD – bulls extend above 1.24 barrier ahead of German ZEW data
The Euro probes above 1.24 barrier on Tuesday and hit new three-week highs in extension of bull-leg from 1.2299 (12 Apr trough).
Bullish signal was generated on Monday’s close above 1.2377 pivot (Fibo 61.8% of 1.2476/1.2215 descend) and fresh acceleration higher cracked next barrier at 1.2414 (Fibo 76.4%).
Bulls eye 20-D upper Bollinger band at 1.2431, with key near-term barrier at 1.2476 (27 Mar high) coming in focus.
Fresh bullish momentum is building and supporting the advance, along bullishly aligned daily MA’s (rising 10SMA is attempting to form double bull-cross through converged 20/30SMA’s).
German ZEW data are eyed for fresh signals (Apr economic sentiment f/c is at -0.8% vs 5.1% in Mar).
Broken Fibo barrier at 1.2377 marks initial support, guarding a cluster of daily MA’s at 1.2330 zone, which reinforce key support provided by daily cloud top.
Res: 1.2431; 1.2446; 1.2476; 1.2500
Sup: 1.2396; 1.2377; 1.2345; 1.2330