EURUSD – Bullish bias above daily cloud but break above 1.2414 needed to signal continuation

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro moved higher and retested 1.24 barrier on Thursday, after strong indecision in past two days, signaled by double long-legged Doji. Overall bullish bias remains intact after strong upside rejection above 1.24, as subsequent easing was contained above a cluster of supports, provided by MA's and daily cloud top. Multiple bull-cross of rising 10SMA over 20/30 /55SMA's, offered fresh boost to the pair for renewed probes above 1.24 barrier and retest of 1.2414 (Fibo 76.4% of 1.2476/1.2215 bear-leg), clear break of which would open way towards key near-term barrier at 1.2476 (27 Mar peak). EU's current account surplus widened (35.1 B in Feb vs 32.3B f/c) offering additional support, with no further data from the Eurozone scheduled today. Daily cloud top marks key support at 1.2351 and bullish bias is expected to remain intact while the price holds above, as cloud top kept the downside protected for over one week. Conversely, stronger bearish signal could be expected on break and close below cloud top.

Res: 1.2400; 1.2413; 1.2446; 1.2476
Sup: 1.2364; 1.2351; 1.2333; 1.2314

Interested in EURUSD technicals? Check out the key levels

1. R3 1.2457
2. R2 1.2428
3. R1 1.2401
PP 1.2371
1. S1 1.2344
2. S2 1.2315
3. S3 1.2288

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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