EUR/USD seeks clear direction to break out of extended sideways consolidation

The Euro firmed on Friday and is probing again through the initial barrier at 1.1635 (daily cloud base / daily Tenkan-sen) after a short-lived cloud penetration on Thursday, which left the daily candle with a long upper shadow.

The daily cloud has continued to cap upticks for almost two weeks, contributing to an overall bearish daily structure (a cluster of converged DMAs sits just above the price and has created several bear-crosses, while 14-day momentum remains in negative territory).

On the larger timeframe, the price remains underpinned by an ascending and thick weekly cloud for the ninth consecutive week. This contributes to mixed signals, keeping the price action in a directionless mode and holding within a 1.1595/1.1685 range, with a violation of either range boundary needed to generate an initial directional signal.

Res: 1.1664; 1.1685; 1.1697; 1.1712
Sup: 1.1600; 1.1576; 1.1500; 1.1443