Euro Touching Goals

Mixed trades dominated the movements of the euro against the US dollar during the previous trading session, heading to touch the first target 1.2150 and approached a few points difference from the second target 1.2110, to record its lowest level at 1.2130.

Technically, and with a closer look at the chart, we find the euro rose again, benefiting from the support level represented by the published target. The current movements of the euro are witnessing stability below the resistance level of 1.2250, and most importantly below 1.2270, as we find the RSI indicator began to lose the bullish momentum gradually.

Consequently, we will maintain our negative outlook, noting that trading stability below 1.2220 facilitates the task required to visit 1.2150 and then 1.2075, a next official station that may extend its negative targets later towards 1.2040, a correction of 23.6%.

From the top, an upside move and surpassing the resistance level of 1.2270 is capable of stopping the expected bearish scenario, and the pair will recover again to target 1.2300. Also, attention is paid well that any trading above the psychological barrier resistance level of 1.2300 is a catalyst that increases the possibility of touching 1.2390.

Note: The level of risk may be high.

S1: 1.2150	R1: 1.2270
S2: 1.2075	R2: 1.2325
S3: 1.2025	R3: 1.2395