Euro Testing Support And Awaits New Signals

The Euro managed to touch the target level mentioned in the previous analysis at the psychological barrier of 1.1800, to hit its highest level at 1.1800.

Technically, the aforementioned resistance capped the bullish bias and forced the pair to the downside again, to retest 1.1720.

Looking at the chart, we see that the 50-day SMA has returned to put a negative pressure. On the other hand, stochastic is trading in the oversold area and contradicting the negativity of the moving averages.

With technical signals conflict, we will be neutral to face one of following scenarios:

Confirmation of the daily break depends on a clear and strong breach of support level 1.1720, 23.60% Fib, and facilitates the mission to visit 1.1665, followed by 1.1640 as initial targets.

Long positions depend on trading remaining above 1.1720, and we need to see a strong breach of the 1.1800 resistance level, and thus the pair will resume the bullish trend towards 1.1880/1.1860.

S1: 1.1720	R1: 1.1825
S2: 1.1675	R2: 1.1860
S3: 1.1640	R3: 1.1915