EURUSD – bulls eye daily cloud top in extension of post- Fed minutes rally
The Euro is holding in daily cloud on Thursday, with cloud base at 1.1812 acting as support and holding today’s action.
Doji reversal pattern that was completed on Wednesday’s strong rally continues to underpin for extension towards targets at 1.1877 (cloud top) and 1.1886 (Fibo 61.8% of 1.2092/1.1553 descend).
The notion is supported by fresh weakness of dollar as minutes of the last FOMC meeting, released on Wednesday, showed concerns of policymakers about stubbornly low inflation which affects expectations for Fed rate hike in December.
Daily studies are in full bullish setup (10/100 SMA bull-cross is forming today, to additionally support the advance) and support bullish scenario.
Thinner market conditions are expected today as US markets will be closed for Thanksgiving holiday.
Res: 1.1859; 1.1877; 1.1886; 1.1936
Sup: 1.1812; 1.1780; 1.1760; 1.1732