EUR/USD Outlook: Recovery Extends Near Pivotal Fibo Barrier But Risk of Stall Exists

Technical analysis of Forex market

The Euro enters the US session at the front foot as recovery extended in European session and reached high just ticks ahead of key barrier at 1.1341 (Fibo 38.2% of 1.1514/1.1234/last week’s highs.

Fresh risk appetite on trade optimism keeps the Euro supported, along with reversed momentum and north-heading stochastic.

However, bulls need to register close above 1.1341 pivot, to generate reversal signal and open way for further retracement of 1.1514/1.1234 bear-leg.

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Caution on negative signals from the EU, which could have negative impact on recovery attempts. Return below 1.13 zone (Fibo 23.6%/rising 5SMA/4-hr cloud base) would neutralize bulls.

Res: 1.1334; 1.1341; 1.1365; 1.1382
Sup: 1.1311; 1.1299; 1.1260; 1.1234

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