Euro on Hold Waiting For One of Two Scenarios

The euro opened its daily trading with a slight bearish bias, benefiting from consolidating in the support floor of 1.2075 / 1.1070, to witness the stability of the current move above 1.2100.

On the technical side, and with a closer look at the 4-hour chart, we find negative signs still dominating the stochastic indicator, coinciding with trading stability below the strong resistance level located at 1.2170, which contradicts the positive impulse coming from the 50-day moving average that meets around 1.2070 It adds more strength, which is accompanied by the beginning of positive signs appearing on the RSI on the short time frame.

From here, and with the conflict of technical signals, we will stand on the fence for the moment, awaiting one of one of the following scenarios:

Reactivating short positions depends on confirming a break of 1.2070 to target 1.2030, then 1.1990.

Activation of long positions depends on crossing to the upside and rising above 1.2170, and from here the pair regains its recovery, so we will be waiting for 1.2210 then 1.2245 respectively.

S1: 1.2075	R1: 1.2170
S2: 1.2030	R2: 1.2210
S3: 1.1985	R3: 1.2245