EURUSD – extended recovery needs clear break above cracked trendline resistance

The Euro extends post-Fed rally on Thursday and hit one-week high at 1.2388 on probe above trendline resistance at 1.2356 (bear-trendline drawn off 16 Mar high at 1.2555).
The Fed disappointed markets on less hawkish than expected announcement after increasing interest rates by 0.25%, as widely expected. The US central bank forecasted two more rate hikes in 2018, remaining in line with forecast for total of three hikes this year and remained upbeat on economy outlook, though low inflation continues to be the main obstacle.
The dollar remains at the back foot across the boards after Fed and rising concerns about coming announcement about US tariffs.
Daily techs returned to full bullish mode on fresh acceleration which emerged above thickening daily cloud which underpins recovery.
Sustained break above cracked bear-trendline is needed to generate fresh bullish signal for extension of recovery leg from 1.2240 (20/21 Mar double top) towards highs at 1.2412 (14 Mar) and 1.2446 (08 Mar).
Broken 10 SMA offers support at 1.2327 which is expected to keep the downside protected and guard lower pivot at 1.2295 (daily cloud top).

Res: 1.2388; 1.2412; 1.2446; 1.2495
Sup: 1.2355; 1.2327; 1.2295; 1.2240