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The euro approached the first target that needs to be touched, at 1.1200, explaining that breaking the 1.1260 support level puts the price under negative pressure, targeting 1.1200, posting a low of 1.1220.
Technically, the current moves are witnessing attempts to rise due to the return of stability above the 1.1260 level. With a careful look at the 4-hour chart, we notice the positive crossover signs that started appearing on stochastic, coinciding with the 14-day momentum indicator getting positive signs.
Therefore, there is a possibility of a limited upside in the coming hours. Its initial target is to retest 1.1330. It should be noted that its breach is a catalyst that contributes to strengthening the euro’s gains to touch the price target represented in the pivotal supply point 1.1380 before retracing.
Trading above the 1.1250 support level, the euro will start resuming the official descending path so that we will be waiting for 1.1200 and 1.1175 stops, respectively.
| S1: 1.1250 | R1: 1.1330 |
| S2: 1.1200 | R2: 1.1375 |
| S3: 1.1175 | R3: 1.1400 |
