Euro Rebounds and Positivity Needs Confirmation

Mixed trading dominated the euro’s movements against the US dollar during the previous session, to only touch the first target that was required to be achieved during the previous analysis, located at 1.2145, to record the lowest price at 1.2143.

Technically, the current moves are witnessing a return to stability above the 1.2170 support level represented by the 23.60% Fibonacci correction as shown on the chart, in addition to the RSI gaining more bullish momentum.

Despite the technical factors that increase the possibility of continuing the rise in the coming hours, we prefer to confirm the price’s breach above the 1.2200 resistance level, and that is a catalyst for visiting 1.2235 then 1.2265/1.2270.

Trading below 1.2145 puts the price under negative pressure targeting 1.2110 and 1.2065, 38.20% correction, respectively.

S1: 1.2145	R1: 1.2200
S2: 1.2110	R2: 1.2235
S3: 1.2065	R3: 1.2270