EURUSD – corrective dips seen as opportunity to rejoin bulls for attack at 1.2000 target
The Euro extended easing from Monday’s high at 1.1961 where bulls stalled, shy of initial Fibo 76.4% target at 1.1965.
Corrective easing could be seen as buying opportunity for eventual attack at psychological 1.2000 barrier, as overall structure is firmly bullish and shows scope for full retracement of 1.2092 / 1.1553 descend.
Correction on overbought daily studies faces solid support at 1.1877 (daily cloud top) with deeper dips to be contained at 1.1830 zone (cloud base / rising 10SMA) before broader bulls resume.
Conversely, deeper correction towards daily Kijun-sen (1.1757), could be expected on close below daily cloud.
Res: 1.1920; 1.1965; 1.2000; 1.2033
Sup: 1.1885; 1.1877; 1.1830; 1.1776