The Euro is consolidating under fresh three-week high at 1.1764
|EURUSD
The Euro was up 0.75% on Tuesday on strong bullish acceleration after solid EU data. The rally peaked at 1.1764, the highest since 26 Oct, denting Fibo 61.8% pivot at 1.1755 and shifting focus towards 55SMA (1.1796) and daily cloud base (1.1815). Bulls are taking a breather under 1.1764 high as better than expected US PPI data temporarily inflated the greenback. Pullback was so far shallow and holding well above initial support at 1.1731 (100SMA), keeping near-term bullish bias intact. We expect extended dips to remain above 1.1700 handle (ideally above rising 100SMA) before resuming higher. With no further data scheduled today, focus turns towards tomorrow's release of US CPI/Retail Sales which could influence Euro's near-term action.
Res: 1.1770; 1.1796; 1.1815; 1.1836
Sup: 1.1731; 1.1716; 1.1685; 1.1661
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.