Euro Finds Strong Resistance And Starts Negative

Quiet trading dominated the movements of the euro against the US dollar during the previous trading session, within a limited upward bias, touching the first target to be achieved at 1.1760, recording the highest level at 1.1765.

Technically, and with careful consideration of the 60-minute chart, we find that the Euro hit the resistance level of 1.1760, unable to breach it so far, in addition to the negative signs that started appearing on the stochastic indicator.

Therefore, we may witness a bearish bias in the coming hours, targeting a retest of 1.1700, knowing that breaking the mentioned level puts the price under negative pressure, with the aim of retesting the pivotal support 1.1665.

Trading above 1.1800 is able to cancel the bearish scenario, and the euro will recover against the dollar to visit 1.1880. 

Warning: the trend keys for today’s session are 1.1665 and 1.1800.

S1: 1.1700	R1: 1.1780
S2: 1.1665	R2: 1.1820
S3: 1.1610	R3: 1.1880