Euro is Stable Below Support And Attempts to Recover Are Limited

Quiet trading dominated the movements of the single European currency against the US dollar during the previous session so that the current movements witnessed attempts to recover, but there are still limited attempts.

Technically, and with a closer look at the 60-minute chart, we find that the RSI is trying to get positive signs, but it is still weak.

on a 4-hour view, we find signs of negativity dominating the stochastic, accompanied by negative pressure coming from the 5-day moving average. From here, trading is settled below the previously broken support-into-resistance 1.2175, 23.60% correction.

The bearish scenario still intact, targeting 1.2065, 38.20% correction, taking into account that the price stability below the mentioned level extends the bearish corrective slope, paving the way for the pair to visit 1.2030.

Only from the top, the stability of trading and the price stability above 1.2170/1.2175 negates the bearish scenario, and the pair may recover temporarily, with the aim of retesting 1.2230.

S1: 1.2065	R1: 1.2170
S2: 1.2030	R2: 1.2235
S3: 1.1975	R3: 1.2270