The Euro Waiting For New Signals

Quiet trading dominated the moves of the euro against the US dollar during the previous trading session, to witness the current moves stabilizing again above 1.1885.

Technically speaking, the 50-day moving average holding the price from the bottom and supports a bullish curve for prices, on the other hand, we find negative signs that started to appear on the stochastic indicator.

With the conflict of technical signals for the second session in a row, we will stand on the fence until the picture is clearer so that we will be in front of one of the following scenarios:

To get a bullish trend, we need to witness stability above 1.1885, Fibonacci retracement 61.80%, and the most important 1.1860. We also need to witness a breakout of 1.1925 resistance, and from here the way is open to visit 1.1975, 50.0% retracement, a first target.

Activation of short positions requires the return of the pair’s stability below 1.1885/1.1860, which facilitates the task required to visit 1.1800 primary stations.

S1: 1.1850	R1: 1.1935
S2: 1.1800	R2: 1.1965
S3: 1.1765	R3: 1.2000