The Euro holds firm tone at the beginning of US session and holding under fresh two-week high at 1.2510, posted in early European trading today. Pullback from 1.2510 was shallow (contained at 1.2462), with mild reaction on mixed US data (jobless claims and PPI came in line with expectations; Philly Fed manufacturing PMI strongly overshooting forecast and Empire State Manufacturing index falling well below consensus).
Bulls remain firmly in play, with expected hesitation ahead of pivotal 1.2537 barrier (2018 high, posted on 25 Jan), being so far shaped in narrow consolidation range, which could extend before continuing higher.
Break above 1.2537 would expose strong barrier at 1.2597 (Fibo 61.8% of 1.3992/1.0340, May 2014/Dec 2016 fall).
Hourly higher low is forming at 1.2462 and marking immediate support, followed by 1.2447 (session low), which guards psychological 1.2400 support, also broken Fibo 61.8% of 1.2522/1.2205 bear-leg.
Res: 1.2510; 1.2522; 1.2537; 1.2597
Sup: 1.2462; 1.2447; 1.2400; 1.2358
Interested in EURUSD technicals? Check out the key levels
- R3 1.2717
- R2 1.2591
- R1 1.2528
- PP 1.2402
- S1 1.2338
- S2 1.2213
- S3 1.2149
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