Euro Attacking Resistance And Positivity in Place

The single European currency was able to touch the first official leg mentioned in the last report located at a price of 1.2300, to record its highest level during the previous session’s trading session at 1.2326.

Technically, and with a closer look at the 60-minute chart, we find that the Euro succeeded in building a base on the support level of 1.2250, and we find that the simple moving averages continue to hold the price from below, and the 50-day average meets around 1.2250 and adds more strength to it, coinciding with bullish momentum of RSI.

From here, the bullish scenario remains valid towards the second target 1.2330 and then 1.2370, bearing in mind that confirming the recent breakout extends the Euro’s gains, opening the way towards 1.2400.

A reminder that the return of trading stability again below the support level of 1.2250 delays the chances of an upside, but does not cancel it, and we may witness a re-test of 1.2170 before rising again.

S1: 1.2205	R1: 1.2330
S2: 1.2205	R2: 1.2370
S3: 1.2165	R3: 1.2410