Euro Struggling and Hovering Around Support

The Euro started its first weekly trading attempting to rise, making use of intraday trading above 1.1720 after finding strong support around 1.1620.

On the Technical side and by looking at the intervals, we see that the 50-day moving average meets around 1.1690/1.1700 giving some momentum, in conjunction with the positive crossover signals that started appearing on the stochastic.

We think that the possibility of a bullish bias during the coming hours, targeting 1.1770, noting that confirming the breach of 1.1770 openings the door for a bullish move to 1.1810.

To the downside, the price returns below 1.1720, 23.6% Fibonacci retracement, and the most important 1.1690; would limit the bullish attempts and put the price under strong negative pressure towards the first target 1.1665, followed by 1.1610, and losses may extend to 1.1540, the 38.20% retracement.