A Positive Euro Needs Reassurances

The Euro was trading positively against the US dollar, after it managed to break the 1.1720 resistance level.

Technically, the current moves are stabilizing above 1.1800 and with a look at the 240-minute chart, we find that the SMA 50 is showing a positive motive with the RSI trying to obtain positive signals.

Our view tends to be positive with the regular movement inside the ascending price channel, noting that trading above 1.1820 opens the door to 1.1870 / 1.1865, noting that the price stability above 1.1875 keeps bullish opportunities intact towards 1.1920.

From the downside, trading below 1.1770 delays the bullish chances but does not negate it, and we may witness a re-test of the breached resistance, which turned into support of 1.1720, Fib 23.60% before attempting to rise again.

Warning: the negativity on Stochastic may temporarily pressure the price before rising.

S1: 1.1770	R1: 1.1845
S2: 1.1720	R2: 1.1875
S3: 1.1675	R3: 1.1920