Euro Outperforming Dollar

The single European currency continues to achieve gains against the US dollar within the bullish path, as we expected, touching the second target to be achieved yesterday, located at 1.2080, posting its highest level at 1.2083.

Technically, and with a closer look at the 240-minute chart, the moving averages are still holding the price from below. The RSI indicator is stable above the 50 midline on short time frames.

From here and with the stability of trading above 1.2000 and the most important 1.1970, the bullish scenario will remain valid and complementary towards the third target 1.2130 / 1.2150, the first target, bearing in mind that the breakout of the latter extends the pair’s gains, so that the way is directly open towards 1.2180.

From below, the return of trading to stability again below 1.1970, capable of delaying the bullish scenario, and we witness a re-test of 1.1865 before attempting to rise again.

S1: 1.1970	R1: 1.2130
S2: 1.1865	R2: 1.2185
S3: 1.1820	R3: 1.2290