The Euro remains firm and moved higher in early Wednesday’s trading after downside attempts were repeatedly rejected at 1.2335, just above rising 10SMA which continues to underpin.
Fresh upside cracked initial barrier at 1.2453 (Tuesday’s high) as dollar moved lower after US President Donald Trump’s State of the Union speech.
Bullish techs continue to favor renewed attempts above 1.25 after rally stalled at 1.2537 last week.
Thick hourly cloud (spanned between 1.2414 and 1.2376) marks initial support, followed by rising 10SMA (1.2347) which is expected to hold and maintain bullish bias
Downbeat German retail sales data released earlier this morning (Dec -1.9% vs -0.4% f/c and 1.9% previous), showed little impact on the single currency, with focus turning towards German jobs data (Jan unemployment change -16K f/c vs -26K previous and unemployment rate forecasted unchanged at 5.5%) and EU CPI (Jan 1.3% f/c y/y vs 1.4% previous).
US Federal Reserve policy decision, due later today, will be also closely watched for fresh signals. The Fed is widely expected to keep interest rates unchanged and focus will be on policy statement which could provide more signals about monetary policy outlook in coming months.

Res: 1.2462; 1.2493; 1.2537; 1.2597
Sup: 1.2414; 1.2376; 1.2347; 1.2335