Slobodan Drvenica
Windsor Brokers
EUR/USD
The Euro holds in extended consolidation under new 5-month high, following strong rally in past two weeks.
Technical picture remains bullish on daily chart, though overbought RSI and fading bullish momentum, keep in play risk of deeper pullback.
Near-term action should remain biased higher while the price stays above broken pivotal barriers, now acting as solid supports at 1.0820/00 zone (10DMA / Fibo 61.8% of 1.1214/1.0177 / round figure) and keep in focus targets at 1.0969/1.1000 (Fibo 76.4% / psychological).
Weaker dollar and supportive fundamentals played the key role in the latest rally, with focus on German vote for historical changes to borrowing rules which would allow the plan for massive increase in state borrowing for Euro 500 billion for defense and boost of economic growth.
Res: 1.0947; 1.0969; 1.1000; 1.1024.
Sup: 1.0868; 1.0820; 1.0800; 1.0726.
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The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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