EURUSD Outlook - Break above 20SMA could extend to 1.1717 Fibo barrier

Slobodan Drvenica Windsor Brokers

The Euro holds steady in the US session and cracked psychological 1.17 barrier (also falling 30SMA) on probe above key barrier at 1.1676 (20SMA / converged daily Tenkan/Kijun-sen).
The single currency regained traction after hitting session low at 1.1628 in early European trading, boosted by slightly better than expected German Ifo data for June.
Bulls need close above daily 20SMA for initial bullish signal, confirmation of which would come on break and close above next pivot at 1.1718 (Fibo 61.8% of 1.1848/1.1508).
Bullish hourly / 4-hr studies support near-term action, as rising and thickening hourly cloud (spanned between 1.1640 and 1.1591) underpins.
Corrective dips should be contained by hourly cloud top while extension below cloud would be bearish.

Res: 1.1701; 1.1718; 1.1767; 1.1800
Sup: 1.1676; 1.1660; 1.1640; 1.1591

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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