Euro Looking For Confirmations to Rising

The Euro opened its daily trading with a bullish bias, benefiting from consolidation above the psychological barrier support of 1.2100.

Technically speaking, with a closer look at the 240-minute chart, we find the RSI indicator started to get bullish momentum, supporting further rise in the pair, and we also find the 50-day moving average still holding the price from below.

Despite the technical factors that support the probability of the rise, we prefer to wait for the clarity of the trend more precisely waiting for one of the following scenarios.

To confirm the aforementioned daily bullish trend, we need to witness a clear and strong breach of the resistance level 1.2160, and the most important 1.2185, in order to enhance the chances of an upside during today’s session and during the week’s trading in general, targeting 1.2220 then 1.2270, and targets may extend towards 1.2300.

Reactivating short positions requires a break of 1.2100, which puts the pair under strong negative pressure, its initial targets are around 1.2040, a 23.60% correction.

S1: 1.2100	R1: 1.2185
S2: 1.2065	R2: 1.2220
S3: 1.2010	R3: 1.2270