The Euro is on track for strong weekly gains despite Friday’s drop

The Euro stands at the back foot on Friday and eases from new 2 ½ week high (1.1927) driven lower by rising dollar and US yields.
Fresh weakness probes back below 200DMA (1.1886) but close below here is needed to generate negative signal and weaken near-term structure, with extension below 20DMA (1.1844) to signal an end of recovery phase (1.1704/1.1927).
Daily techs point to pullback as south-heading 14-d momentum broke into negative territory and stochastic is about to emerge from overbought zone.
On the other side, reversal pattern is developing on weekly chart as the pair is on track for strong bullish weekly close, as past week’s advance marks the biggest weekly gains since the last week of November 2020.
Friday’s close above 200DMA is required to keep bulls in play with extension above 1.1950 (Fibo 38.2% of 1.2349/1.1704) to signal bullish continuation.

Res: 1.1927; 1.1950; 1.1946; 1.1990
Sup: 1.1866; 1.1842; 1.1810; 1.1795