The Euro is Trying to Beat The Dollar

The single European currency achieved some limited gains, taking advantage of the US employment data that came on the lower side, recording limited gains around 1.1586 areas.

Technically, and by looking at the chart  240-minute chart, we notice the stochastic losing the bullish momentum, in addition to the pair’s continuing negative pressure from the 50-day moving average, which still constitutes an obstacle preventing the pair from rising.

From here,, this encourages us to maintain our negative expectations, knowing that trading below 1.1540 opens the door to visit 1.1500, noting that trading below 1.1500 increases the strength of the bearish trend and paves the way to 1.1420.

Trading above 1.1600 and the stability of the price above it may be a motivating factor that contributes to pushing the price higher, with an initial target of 1.1640, a correction of 23.60%, and it may extend later to visit 1.1720.

S1: 1.1540	R1: 1.1600
S2: 1.1500	R2: 1.1640
S3: 1.1420	R3: 1.1680