Euro Facing Negative Pressure, Eyes on ECB

We stayed on the fence during the previous report due to the conflicting technical signals.

On the technical side, by looking at the 240-minute chart, we find the stochastic indicator providing negative crossover signals.

From here, with intraday trading below 1.2145 and in general, below the 1.2170 resistance level, the bearish scenario remains valid and effective targeting 1.2055 the first target, and then 1.2010.

The activation of the suggested scenario depends on trading remaining below 1.2170, and breaching it will immediately stop the attempts to decline and the pair will recover again, so we will be waiting for 1.2240.

Note: “European Central Bank press conference and European Central Bank monetary policy statement” are due today and we may witness high volatility on the euro’s movement against the US dollar.

S1: 1.2055	R1: 1.2145
S2: 1.2010	R2: 1.2190
S3: 1.1965	R3: 1.2235