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Negative trading dominated the movements of the euro against the US dollar during the previous trading session, recording its lowest level at 1.2051.
Technically speaking, we see that the euro has returned to stability again above the strong support located at 1.2065 represented by the 38.20% Fibonacci correction as shown on the 240-minute chart, in addition to the return of the simple moving averages to hold the price from below, favoring the occurrence of an upward slope during The next hours.
Therefore, the bullish bias is likely today, targeting a retest of 1.2175, 23.60% correction, a first target, knowing that the breach of the aforementioned level increases the chances of an upside move towards 1.2205.
Only from below is the return of trading stability below 1.2065/1.2060 capable of completely cancel the bullish scenario and putting the price under negative pressure, its initial target 1.2020 and may extend later towards 1.1975.
| S1: 1.2065 | R1: 1.2120 |
| S2: 1.2020 | R2: 1.2175 |
| S3: 1.1975 | R3: 1.2205 |
