EURUSD – Bulls Eye Daily Cloud Top after 1.1444 Fibo Barrier Taken Out

Technical analysis of Forex market

The Euro remains bid in early American session on Monday and establishes above broken 1.1444 pivotal Fibo barrier.

The pair advanced 0.6% since Monday’s opening and pressures initial target at 1.1478 (100SMA) with pivots at 1.1496/1.1515 (2019 high, posted on 02 / daily cloud top / 50% retracement of 1.1815/1.1215) coming in focus.

Bullish setup of daily tech supports the action, but bulls need break out two-week 1.1309/1.1496 congestion and lift above the top of thick daily cloud, to confirm reversal from 1 ½ year low at 1.1215 (12 Nov).

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Weaker US dollar across the board after dovish comments from Fed chief Powell last Friday soured the sentiment, also helps Euro bulls, which for now look more than just short-covering.

Res: 1.1478; 1.1496; 1.1515; 1.1550
Sup: 1.1444; 1.1394; 1.1383; 1.1370