Euro Retesting Support

The single European currency showed a bullish tendency during the previous trading session within the expected bullish context, touching the second official target to be achieved during the previous analysis at 1.1975, recording a high of 1.1990.

Technically speaking, and with a closer look at the chart, with a 60-minute chart, we find negative signs appearing on the RSI, in addition to the stochastic reaching the overbought phase.

Therefore, we may witness a slight bearish bias in the coming hours, targeting a re-test of 1.1920, and then 1.1880 before rising again.

Note: the slight bearish bias does not contradict the daily bullish trend, with official targets are around 1.2000, and after that 1.2065 correction of 38.20%.

In general, we continue to suggest the bullish trend as long as trading remains stable above the previously breached resistance that turned to 1.1880 support, a correction of 61.80%, and breaking it is capable of negating the daily bullish trend, and we may witness a bearish bias towards 1.1840 / 1.1820.

S1: 1.1920	R1: 1.2000
S2: 1.1885	R2: 1.2035
S3: 1.1840	R3: 1.2075