Home / Technical Analysis / Daily Technical Analysis / Euro Touches First Target And Retests of Support Remains
EUR, Euro, Technical Analysis, Dollar

Euro Touches First Target And Retests of Support Remains

The European single currency managed to achieve the first bullish target published during the previous analysis, located at 1.2060, to record a high of 1.2080.

On the technical side, the current movements of the pair are witnessing negative pressure due to approaching the resistance of the psychological barrier of 1.2100.

With a closer look at the 60-minute chart, we find the RSI indicator is providing negative signals in addition to the stochastic losing bullish momentum.

From here, with intraday trading below 1.2060 corrections 38.20%, the euro may see a bearish tendency targeting a re-test of 1.1970 a correction of 50.0%, bearing in mind that breaking the aforementioned level may extend the negativity and lead the euro to visit 1.1900/1.1885.

Note: the bearish bias does not coincide with the general bullish trend, whose initial targets are around 1.2170, provided that the breach of 1.2100 is confirmed.

S1: 1.1960 R1: 1.2095 
S2: 1.1885    R2: 1.2150
S3: 1.1820   R3: 1.2230   

Check Also

Oil faces negative pressure 14/11/2024

US crude oil futures have reached the official target outlined in our previous technical report, …