Euro Advances to New Weekly High after Weak US CPI

Technical analysis of Forex market

The Euro hits new weekly high following rally after weaker than expected US inflation data pushed dollar lower.

The single currency maintains bullish bias, despite Thursday’s strong upside rejection and is on track for the second consecutive weekly close in green.

Fresh advance probes again above important double-Fibo barrier at 1.1240/42 (38.2% of 1.1448/1.1111 / 61.8% of 1.1323/1.1111) and close above these levels will provide strong bullish signal for extension towards 1.1263 (55SMA) and 1.1283 (daily cloud base).

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Rising momentum is about to break into positive territory and 5/10 SMA’s turned north, supporting the notion.
Markets will focus on the outcome of US/China trade talks for fresh signals.

Res: 1.1263; 1.1283; 1.1303; 1.1323
Sup: 1.1242; 1.1223; 1.1213; 1.1201

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