Euro Awaits Pending Orders

Sideways trading dominated the euro’s movements, confined between the support level of 1.1240 and the resistance level of 1.1330.

Technically, looking at the 4-hour chart, the simple moving averages are trying to form a support base around 1.1250/1.1240 in conjunction with the RSI getting bullish momentum signals on the short intervals.

On the other hand, the negativity is still dominant on stochastic and indicates a gradual loss of bullish momentum, in addition to the stability of trading below 1.1330. Therefore, with technical signals conflicting, we will stand aside for the second session in a row, waiting for one of the following scenarios:

Short positions with a break of 1.1240, paving the way to the target price area 1.1160 and 1.1120, respectively.

Reactivating the long positions requires a breach of 1.1330, and that is a catalyst that contributes to consolidating the gains to retest 1.1375/1.1370 before retracing.

S1: 1.1240	R1: 1.1330
S2: 1.1160	R2: 1.1375
S3: 1.1115	R3: 1.1410