Euro is in a sideways, Awaiting New Signals

The euro’s movements against the US dollar witnessed sideways trading in a confined range above the 1.1720 support level and below the 1.1800 resistance level.

Technically, looking at the 240-minute chart, we find that the 40-day moving average is pressing the price, meeting around 1.1775 / 1.1770 resistance, and adding more strength. Although we tend to be negative, we prefer to wait until the pair breaks out of the aforementioned range, to be in front of one of the following scenarios:

The resumption of the bearish trend depends on confirming the breach of the 1.1720, 23.60% Fib, and that paves the way towards a strong bearish wave with initial target is around 1.1620.

Rebuilding long positions requires a break of 1.1820, and from here the pair regains its recovery to complete the bullish path towards 1.1885 and extend gains to 1.1920.

S1: 1.1720	R1: 1.1820
S2: 1.1675	R2: 1.1845
S3: 1.1620	R3: 1.1885