EURUSD Analysis: Supported by strong cluster
|The common European currency was driven by strong upside momentum on Thursday. As a result, it managed to breach a strong resistance area formed by the 55– and 100-hour SMAs and the monthly R2 circa 1.2235. Subsequently, the pair was stranded in a narrow range between the aforementioned cluster and the upper boundary of a descending channel. The support of the former was enough to breach the given pattern and leave the rate trading near 1.2258 by Friday morning. Given that no major fundamentals are scheduled for this session, the southern barrier is expected to hold strong, thus sending the Euro for slight appreciation towards the weekly R1 at 1.2311. In case this mark is surpassed, the next notable resistance is the distant weekly R2 and the monthly R3 at 1.2420.
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