EURUSD – bulls remain firmly in control, extending the rally above the thick daily cloud

The Euro maintains a firm stance at the start of the week, hovering near the multi-week high of 1.1762 reached last Thursday.

Bulls remain in control, testing the previously broken Fibo barrier at 1.1746 (61.8% of 1.1918/1.1468) and aiming for a third consecutive daily close above the top of the thick daily Ichimoku cloud (1.1693).

Near-term gains, however, face resistance from the upper boundary of the bull-channel (from the 1.1490 leg), with overbought daily indicators suggesting the pair may consolidate sideways while awaiting fresh directional cues.

Markets are eyeing a batch of delayed US economic data due Tuesday, with the NFP report as the key event, which is expected to provide guidance for the Fed’s monetary policy outlook and could trigger clearer trend signals.

A sustained daily close above 1.1746 would validate fresh bullish momentum, paving the way for a potential push above the 1.18 level. Immediate support lies at Friday’s low of 1.1750, with the short-term bias remaining positive as long as the price holds above the daily cloud.

Res: 1.1760; 1.1778; 1.1812; 1.1848
Sup: 1.1750; 1.1693; 1.1673; 1.1640