Euro is Hovering Around Support, Awaiting New Signals

The European currency fell yesterday to halt the positive outlook, in which we depended on the pair’s stability above 1.1770, and to remind us that we indicated in the previous report that trading below 1.1770 will negate the bullish trend, and we are witnessing a re-test of 1.1720, recording the low at 1.1729.

Technically, looking at the graphs for every 240 minutes, we see that the 50-day moving average has returned to exert pressure on the price with stability accompanied by the stability of the RSI below the midline, while we find the stochastic is trading around oversold areas, and from here the technical signals.

The bearish bias has resumed like yesterday, and we need a clear break below 1.1720. The 23.60% Fib will accelerate and confirm the strength of the bearish bias, with targets starting at 1.1675 then 1.1630.

Reactivating long positions depends on the stability of intraday trading above 1.1770, then 1.1800 from here. After all, the pair is benefiting from its strength to visit 1.1845, and the gains may extend towards 1.1880.

S1: 1.1770	R1: 1.1800
S2: 1.1675	R2: 1.1875
S3: 1.1630	R3: 1.1920