Euro Fails to Break Resistance

Random positive trading dominated the euro’s movements against the US dollar in light of the US election results, with the euro reaching a peak at 1.1770 and a low around 1.1600.

Technically, looking at 240-minutes chart, we find that the pair has returned to consolidate again below the pivotal resistance of 1.1720 represented by the 23.60% Fibonacci retracement, with the RSI continuing to provide negative signals.

Therefore, we may witness a bearish bias, knowing that trading below 1.1585 represents a strong negative pressure factor on the pair and opens the way directly towards 1.1540, a retracement of 38.20% and may extend to 1.1390.

Trading again above 1.1720 and the most important 1.1770 will negate any bearish tendency, and the pair will recover again with initial targets at 1.1845 and extending to 1.1920.

Warning: The level of risk may be high and we may witness random price fluctuations.

S1: 1.1585	R1: 1.1750
S2: 1.1510	R2: 1.1845
S3: 1.1420	R3: 1.1920