Euro Renews upside Chances

Positive trading returned to dominate the euro’s movements against the US dollar after the bearish tendency it witnessed during last week’s moves.

Technically speaking, we see the Euro found a good support floor around 1.2080, and the current moves are witnessing an intraday stability above 1.2100.

With a closer look at the 60-minute chart, we find the 50-day moving average that has returned to hold the price from below, accompanied by the positive signs coming from the RSI and its stability above the 50 midline.

Therefore, we may witness a bullish bias during the coming hours, targeting a re-test of the 1.2175 resistance located at the 23.60% Fibonacci retracement, as shown on the graph.

From below, the return of trading stability below 1.2100 puts the price under negative pressure again, with an initial target of 1.2065 and a correction of 38.20%.

S1: 1.2095	R1: 1.2155
S2: 1.2065	R2: 1.2175
S3: 1.2020	R3: 1.2210