The Euro extends recovery on Monday and hit one-week high, boosted by risk appetite on corona-virus vaccine and hopes for a free-trade agreement within the world’s largest trade bloc, formed by fifteen Asia-Pacific economies, that for now offsets negative impact from raging coronavirus.
Bulls are set for retest of November’s high at 1.1919, with near-term action being supported bullish daily studies (rising bullish momentum, multiple MA bull-crosses.
Friday’s close above daily cloud adds to positive near-term outlook.
Important Fibo barrier at 1.1853 (61.8% of 1.1919/1.1745 bear-leg) was cracked today, with close above here to generate fresh positive signal and further underpin the action, which eyes 1.1878 (Fibo 76.4%) the last significant obstacle en-route to 1.1919 target.
Broken daily cloud top / Fibo 38.2% (1.1812) mark strong support which needs to hold and keep bulls in play.
Res: 1.1853, 1.1878, 1.1890, 1.1919
Sup: 1.1832, 1.1812, 1.1800, 1.1783
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