EURUSD – extension of strong rally penetrates daily cloud

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro holds firm tone on Wednesday following previous day’s strong rally when the single currency rallied 1.13%, boosted by upbeat German economic data and solid EU figures.
Fresh bullish extension in early European trading on Wednesday cracked key near-term barrier at 1.1815 (daily cloud base).
Cloud is spanned between 1.1815 and 1.1877 and marks solid resistance which may put strong near-term bulls on hold for corrective action. Scenario is signaled by strongly overbought slow stochastic on daily chart.
Broken 55SMA (1.1795) marks immediate support but dips may extend towards broken 100SMA (1.1736) before fresh attempts higher.
Firm bullish structure favors dip-buying strategy for further upside as 1.2092/1.1553 is completed and focus is turning higher.Break above daily cloud would generate strong bullish signal for extension towards 1.2000 zone.

Res: 1.1836; 1.1877; 1.1886; 1.1936
Sup: 1.1796; 1.1759; 1.1736; 1.1716

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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