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The euro’s movements are still within a sideways range against the US dollar for several sessions in a row, so we find the pair trying to benefit from the psychological barrier support level of 1.2000 to re-choose the pivotal resistance of 1.2065.
On the technical side, the Euro’s movements have not witnessed a significant change and therefore we maintain the same technical conditions as they are. Continuing trading below 1.2065/1.2070 Fibonacci retracement of 38.20%, which meets around the 50-day moving average, which constitutes an obstacle to achieving further upside, in addition to stochastic reaching overbought areas.
Thus, the bearish bias is the most preferred, targeting 1.1975 a 50.0% retracement of the first target, and breaking it will cause the pair to enter a strong bearish wave, its second official target is around 1.1890, 61.80% retracement.
From the top, stability in trading and surpassing the aforementioned resistance level 1.2065/1.2070 may invalidate the bearish scenario, and the euro will witness gains that start at 1.2120 and extend to 1.2170, a 23.60% correction.
Note: Today we are awaiting the US employment data, and may witness heavy price fluctuations.
| S1: 1.2020 | R1: 1.2065 |
| S2: 1.1975 | R2: 1.2110 |
| S3: 1.1920 | R3: 1.2150 |
