EURUSD – fresh bulls approach key barriers in 1.2100 zone; US data in focus
The Euro remains well supported on Friday and extends gains from the previous day when it rallied on hawkish ECB. At the same time the dollar came under pressure on downbeat US jobless claims data.
Bulls approach key barriers at 1.2100 zone (tops at 1.2092/88, posted on 08 Sep and 04 Jan respectively).
Overall bullish structure keeps focus at the upside, favoring final break above 1.2100 resistance zone and triggering stops parked above.
This could spark fresh acceleration towards initial target at 1.2166 (Fibo 50% of 1.3992/1.0340 descend) and 1.2219 (Fibo 123.6% projection) in extension.
Rising 10SMA offers solid support at 1.2010, guarding key supports at 1.1927 (20SMA) and 1.1915 (correction low).
With no significant releases from the EU scheduled today, focus turns towards US CPI and retail sales data, due later today, which could generate fresh signals (Dec CPI 0.2%f/c vs 0.4% previous; retail sales Dec 0.4% f/c vs 0.8% previous).
Res: 1.2075; 1.2088; 1.2092; 1.2166
Sup: 1.2028; 1.2010; 1.1961; 1.1927