EURUSD – bulls pressure 1.24 barrier; Draghi / US CPI data in focus
The Euro remains bid on Wednesday and extends bull-leg from 1.2215 base into fourth straight day, probing through cracked pivot at 1.2376 (Fibo 61.8% of 1.2476/1.2215 bear-leg).
Bullish daily techs continue to support as the pair is gaining fresh bullish momentum and rising thick daily cloud continues to underpin.
The dollar remains under pressure on concerns about trade war, despite more conciliatory tone heard the US and China leaders, keeping the single currency at the front foot.
Close above 1.2376 will be bullish signal for extension through psychological 1.24 barrier and test of 1.2418 (20-d upper Bollinger band).
Bulls may show hesitation on approach to 1.24 barrier as slow stochastic is overbought on daily chart, with consolidation expected to hold above daily cloud top (1.2327) to keep bulls intact.
Speech of the ECB President Draghi, US CPI data and FOMC minutes are key events today.
Res: 1.2400; 1.2418; 1.2446; 1.2476
Sup: 1.2350; 1.2340; 1.2327; 1.2300