Euro is Waiting For New Signals

The Euro was calm and tends to be positive during the session, noting that we remained neutral during the previous report due to the conflicting technical signals.

On the technical side and by looking at the chart, we find that the 50-day simple moving average has returned to hold the price supported by the stability of trading above 1.1720. On the other hand, we see that negative signs appear on the stochastic indicator, and this contradicts the positive motive of the moving average.

With the continued conflict of technical signals, we will be neutral for the second consecutive session, waiting for one of the following scenarios:

Confirmation of the daily bearish trend depends on a clear and strong break of the 1.1720 support level represented by the 23.60% Fib, which will facilitate a visit to 1.1665, and then 1.1640 thereafter.

Reactivating long positions depends on the stability of trading above 1.1720. We also need to witness a clear and strong breach of the 1.1800 resistance level, and thus the pair will resume the bullish trend towards 1.1880 / 1.1860

S1: 1.1720	R1: 1.1820
S2: 1.1675	R2: 1.1860
S3: 1.1640	R3: 1.1915