Euro May Have a Temporary Decline

After several consecutive sessions of rise, the single European currency found a strong resistance level around 1.2180, which we referred to in the previous analysis as a prerequisite for continuing the required rise.

On the technical side, the pair started its first weekly trading on a slight bearish slope, and with a closer look at the 60-minute chart, we find the 50-day moving average began to form a pressure on the price accompanied by negative signs on the RSI.

Therefore, we expect that there is a possibility of a slight bearish bias during the coming hours, aiming to re-test 1.2100, and then 1.2065 before rising again.

Note: the expected slight bearish bias does not contradict the bullish trend, which official targets are around 1.2220 and 1.2240 respectively, once the resistance level at 1.2170 is breached.

S1: 1.2105	R1: 1.2170
S2: 1.2065	R2: 1.2210
S3: 1.2030	R3: 1.2240