Euro Hovering Around Resistance And Positivity Needs Confirmation

The euro made positive trades against the US dollar during the previous trading session, recording its highest level at 1.1915.

On the technical side today, we find the euro now hovering around a strong resistance level of 1.1880 / 1.1885, trying to stabilize it above, and with a closer look at the 240-minute chart, we find that the 50-day moving average is still an obstacle in front of the pair, and we also find the stochastic indicator is still trading negatively, On the other hand, the RSI indicator is providing positive signals.

From here, and with the conflict of technical signals, we will stand on the fence to obtain a high-quality deal, so that we are waiting for one of the following scenarios:

To get a bullish trend, we need to witness a clear and strong breach of the pivotal resistance 1.1885, Fibonacci retracement of 61.80%, and this is a catalyst that strengthens the chances of a rally towards 1.1920, and then 1.1975 a next station.

Activation of short positions will confirm the break of 1.1750, and from here the pair is exposed to negative pressure, its initial target is around 1.1795 and extending towards 1.1760.

S1: 1.1840	R1: 1.1920
S2: 1.1795	R2: 1.1960
S3: 1.1960	R3: 1.2000