Euro: Positivity Needs Confirmations

The single European currency ended last week’s trading sessions sideways, trying to rise. However, attempts are still limited due to the price stability below the 1.1375 resistance level.

Technically, and by looking at the 4-hour time frame, we notice intraday trading stability above the 50-day moving average, which meets around the price of 1.1260/1.1270 and is trying to push the price to achieve some intraday gains, as we notice the positive crossover signs that started appearing on the stochastic indicator.

Despite the technical factors that indicate the possibility of a rise during today’s session, we prefer to confirm the price’s breach of the strong supply area 1.1380/1.1375, which may facilitate the task to retest 1.1400 1.1460 respectively.

We should pay close attention if the euro fails to breach the resistance level mentioned above, declining below the 1.1250 level, which leads the pair to resume the official descending path, with the official targets being 1.1200 and 1.1170.

S1: 1.1250	R1: 1.1360
S2: 1.1170	R2: 1.1400
S3: 1.1105	R3: 1.1460