• EUR/USD rally stretched - in need of a correction, longer consolidation

• Bigger rise may follow a move below 1.1280 peak 20-month Bollingers

• Support should emerge ahead 100-MMA at 1.1200

• Buyers may surface ahead prior yearly highs 1.1276 and 1.1214

• Support area between April 10 peak at 1.1242 and April 11 low at 1.1192

• Succession of four lower daily highs this week hints at deeper setback

• Target for minor correction Mar-Apr surge is 1.1252 (38.2%)

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EURUSD

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)