EURUSD in tight range as Fibo barrier at 1.1661 caps recovery
The Euro is holding within tight range (1.1622/54) on Friday, following strong advance the previous day.
Close above 10SMA (1.1624) which now acts as initial support, was bullish signal, but recovery is for now limited under pivotal barrier at 1.1661 (Fibo 38.2% of 1.1836/1.1553 downleg) and weighed by thick 4-hr cloud (spanned between 1.1643 and 1.1705).
Further upside requires sustained lift above 1.1661 Fibo barrier to expose key 1.1700 resistance zone, break of which would spark stronger recovery.
However, bearishly aligned daily techs suggest limited upside action (ideally to be capped 1.1661 barrier) and keep focus at 1.1510 target (Fibo 38.2% of 1.0570/1.2092 ascend).
Res: 1.1661; 1.1674; 1.1690; 1.1705
Sup: 1.1622; 1.1585; 1.1553; 1.1510