EURUSD – near-term bias turns higher after correction
The Euro regained traction and bounced from session low at 1.1637 to regain levels near Friday’s peak at 1.1677.
Weaker dollar helps to maintain momentum from last week’s rally for attack at next barriers at 1.1685 (20SMA) and 1.1690 (03 Nov high).
Rising hourly cloud and daily 10SMA continue to underpin after staying intact on today’s pullback.
Sustained break above 20SMA to open 30/100SMA’s (1.1716/27) and would expose key obstacles at 1.1800/15 (55SMA / daily cloud base).
Alternative scenario requires sustained break below 10SMA to neutralize near-term bulls.
Res: 1.1677; 1.1690; 1.1716; 1.1727
Sup: 1.1637; 1.1629; 1.1585; 1.1553