Euro: Continues to Rise

The single European currency managed to touch the first target required to be achieved during the previous session at 1.1845, posting a high of 1.1848.

Technically, we see the Euro managed to establish a solid support floor around 1.1720, a 23.60% retracement, with the 50-day moving average continuing to hold the price with positive signals from the RSI, settling above the 50 mid-line on short intervals.

Therefore, we will keep our positive outlook towards a second target 1.1890 / 1.1875, followed by 1.1910.

From the downside, and by returning to trading below the 1.1765 support level, that will postpone the bullish chances, and we witness a re-test of 1.1720.