Euro Looking For Confirmations

We remained neutral during the last report due to the conflicting technical signals, clarifying that we are waiting for one of the directional keys that continue to dominate the euro against the US dollar.

We find the price range sideways to the positive throughout several consecutive sessions, confined from below, above the psychological support level of 1.1600 and below the resistance level of 1.1680, 23.60% Fibonacci correction.

By carefully looking at the 4-hour chart, we notice that the pair continues to obtain a positive motive from the 50-day moving average, which continues to hold the price, supporting the ascending price curve and converging around the 1.1600 support level, adding more strength to it.

Although we tend to be positive, we need to witness a clear and robust breach of the main resistance level 1.1680, 23.60% correction, and that is a catalyst paving the way towards 1.1735, 50.0% correction, and gains may extend later towards 1.1780.

The breach below the 1.1600 support level puts the pair under negative pressure targeting a retest of 1.1560 and 1.1520, respectively.

S1: 1.1600	R1: 1.1680
S2: 1.1560	R2: 1.1720
S3: 1.1520	R3: 1.1770