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The pair opened its weekly trading with a bullish bias towards the first target expected to be achieved last Friday, 1.1825, to hit its highest level during early trading for the current session at 1.1854.
Technically, looking at the 4-hour chart, we find the 50-day moving averages support a bullish daily path for prices, with the RSI stable above its mid-line on short time frames.
From here, as long as the intraday trading remains above 1.1800 support and generally above 1.1765, the bullish scenario will remain intact targeting 1.1890 / 1.1880 as a first target, followed by 1.1925.
Only to the downside, trading again below 1.1765 will negate the suggested scenario and put the price under negative pressure. Its initial target is to retest 1.1720, Fib 23.60%.
| S1: 1.1800 | R1: 1.1880 |
| S2: 1.1765 | R2: 1.1925 |
| S3: 1.1720 | R3: 1.1970 |
