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After several sessions in a row, we waited to confirm the breach of the resistance level at 1.2175, explaining that the breach of it is a catalyst that strengthens the chances of the upside to visit the awaited target of 1.2225, to record the euro at its highest level during early trading for the current session 1.2235.
Technically, and with a closer look at the 240-minute chart, we find that the simple moving averages continue to support the upward curve of prices, and this comes in conjunction with the positive signs coming from the RSI.
From here, and with the pair’s success in stabilizing above 1.2175 and in general the pivotal support floor of 1.2100, the bullish scenario remains a valid and effective matter complementary towards the second target of the analysis of the previous 1.2270.
In general, we continue to suggest the daily bullish trend as long as trading remains stable above 1.2100, and breaking it will immediately stop the upside and force the pair to enter a minor bearish correction targeting 1.2040 Fibonacci retracements of 23.60%.
| S1: 1.2150 | R1: 1.2265 |
| S2: 1.2085 | R2: 1.2305 |
| S3: 1.2045 | R3: 1.2375 |
