Euro Based on Support

The Euro succeeded in establishing a decent support floor near 1.1820, as the pair successfully returned the aforementioned support level, ending the week above 1.1820.

Technically, and with a closer look at the 60-minute chart, we find that the simple moving averages are still holding the price from below and supporting the upward curve, and we find the stochastic indicator trying to get rid of the intraday negativity.

From here, we will maintain our positive expectations, knowing that surpassing 1.1880 / 1.1890 resistance is a catalyst that enhances the chances of the upside to visiting 1.1920 / 1.1940, a first target that might extend later towards 1.1970.

Only from below, the return of trading stability below 1.1820 / 1.1800 is capable of negates the suggested scenario and puts the pair under strong negative pressure, targeting a re-test of 1.1720, a correction of 23.60%, an initial station.

S1: 1.1820	R1: 1.1910
S2: 1.1765	R2: 1.1940
S3: 1.1720	R3: 1.1975