Euro Breaks Through The Resistance

The euro witnessed positive trading at the end of last week, supported by the decline of the US dollar to end its trading above 1.1770/1.1780.

Technically, and carefully considering the 4-hour chart, we find the simple moving averages returned to hold the price from below, supporting the end of the bearish corrective path, accompanied by the price stability above the 1.1750 level.

Therefore, we may witness a bullish bias during today’s trading, targeting 1.1820, considering that the confirmation of breaching the mentioned level is a catalyst that enhances the possibility of touching 1.1880 represented by the 61.80% Fibonacci correction, as shown on the graph.

The return of stability below the support level of the psychological barrier 1.1700 can thwart the current attempts to rise and lead the pair to the official descending path again, with the targets being 1.1665 and 1.1600, respectively.

S1: 1.1750	R1: 1.1820
S2: 1.1700	R2: 1.1885
S3: 1.1665	R3: 1.1940