Extended recovery eyes next key barrier at 1.1326
The Euro extends recovery into fourth straight day and probes through 1.1297 barrier (10SMA / 50% of 1.1419/1.1176 bear-leg).
Positive near-term sentiment keeps focus shifted higher, with bullish signal on Tuesday’s close above double-Fibo barrier at 1.1270, adding to positive outlook.
Improving momentum studies support the action which needs clear break above 10SMA for attack next pivotal double-Fibo barrier at 1.1326 (38.2% of 1.1569/1.1176 / 61.8% of 1.1419/1.1176), close above which would confirm reversal and expose converged 55/100SMA’s (1.1367/69).
Daily cloud twists tomorrow (1.1418) and could also be magnetic.
Caution on failure to clearly break 10SMA that would risk retest of broken pivot at 1.1270, close below which would weaken near-term structure and signal lower top formation.
Res: 1.1305; 1.1315; 1.1326; 1.1369
Sup: 1.1270; 1.1252; 1.1234; 1.1186