EURUSD The Euro extends recovery rally off daily Ichimoku cloud top, which marks initial support and yesterday’s low. Today’s fresh acceleration higher, tested daily 20SMA at 1.1225, so far. Bullish near-term structure sees scope for further upside, on extension above 20SMA, to expose next strong barrier at 1.1265, 200SMA. Sustained break here would sideline current scenario that favors selling rallies, for stronger correction towards 1.1331, lower top of 01 Sep and breakpoint. Otherwise, look for lower top formation, ideally under 200SMA, for fresh leg lower, to re-focus near-term targets at 1.1086, hourly base and 1.1020/15, daily Ichimoku cloud base / higher lows of 18/19 Aug. Res: 1.1230; 1.1265; 1.1278; 1.1300 Sup: 1.1150; 1.1120; 1.1086; 1.1015
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