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EUR/USD Outlook: Bulls Face Headwinds At Daily Cloud Base, Cluster Of Converged MA’s Underpins And Expected To Contain consolidation

The Euro stands at the front foot on Monday and cracked strong barriers at 1.1435/44 (falling 55SMA / base of falling thick daily cloud / Fibo 38.2% of 1.1815/1.1215 descend).

Fresh bulls emerged after Monday’s gap-lower opening and filled the gap, keeping near-term bullish bias intact.

However, bulls face strong headwinds at 1.1435 barriers and may hold in extended consolidation before final push through the barrier, which would signal stronger bullish acceleration.

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Strengthening bullish momentum on daily chart supports scenario.

Converged daily MA’s (10/20/30) at 1.1360 zone are about to form bull-crosses and further underpin the action, with extended dips expected to be contained here and keep bulls in play.

Res: 1.1435, 1.1444, 1.1499, 1.1510
Sup: 1.1389, 1.1360, 1.1320, 1.1305

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