Euro Close To Re-Test Support

The euro is showing a negative bias after the single currency failed to stabilize for a long time above the psychological barrier of 1.1800 resistance and is now hovering around the 1.1775 support level.

Technically, looking at 240-minutes chart, we find that negative signs have started to appear on the stochastic, with the RSI stable below the midline.

We think that there is a possibility of a slight bearish bias in the coming hours, aiming to re-test 1.1720 before resuming the rally again.

Note: The slight bearish bias does not contradict the bullish daily trend, given that the stability of trading above 1.1810 is a catalyst that enhances the chances of an upside to visit1.1850 then 1.1840.

Confirmation of breaking 1.1720 and stabilizing below it will negate the bullish trend and put the pair under negative pressure, its initial targets are around 1.1645.

S1: 1.1720	R1: 1.1820
S2: 1.1665	R2: 1.1870
S3: 1.1620	R3: 1.1920