Euro Looking For Confirmations

Quiet, positive transactions dominated the moves of the euro against the US dollar, as part of the pair’s attempts to stabilize the pair above the 1.1780 resistance level.

Technically, and with a closer look at the chart, the 60-minute chart, we find the euro is stable above the aforementioned level, and we find the RSI indicator trying to provide positive signals in addition to the return of the 50-day moving average to hold the price from below.

Therefore, we may witness a bullish bias during the current session, targeting 1.1835/1.1840 as a first target, noting that breaching it adds to the pair’s gains to visit 1.1875.

From below, the confirmation of the euro’s breach of the support level of 1.1750 is capable of foiling the expected bullish scenario and puts the price under negative pressure again, targeting 1.1700/1.1690 initially.

Note: Stochastic is trading around overbought areas.

S1: 1.1750	R1: 1.1835
S2: 1.1700	R2: 1.1875
S3: 1.1665	R3: 1.1925