EURUSD trades in extended consolidation at 1.1860 zone
The Euro trades in extended consolidation within 1.1860 zone on Wednesday, with near-term focus turned towards initial target at 1.1900.
The pair probes again above cracked pivot at 1.1867 (Fibo 61.8% of 1.1961/1.1717 pullback) as previous attempts did not result in clear break.
Technical studies remain supportive, as multiple MA’s bull-crosses and bullish momentum on daily chart continue to underpin.
Sustained break above 1.1867 / 1.1900 Fibo barriers (61.8% / 76.4%) is needed to open way for retest of key short-term resistance at 1.1961 (27 Nov high).
On the other side, repeated rejections under 1.1900 would be initial signal of stall of recovery leg from 1.1737 (18 Dec low), with return and close below 1.1820 (converged 20/30 SMA’s), to generate stronger bearish signal.
Daily cloud twists next week (1.1793) and could attract for fresh weakness.
Res: 1.1884; 1.1900; 1.1940; 1.1961
Sup: 1.1854; 1.1836; 1.1820; 1.1793