Euro Trying to Consolidate Above Support

The EUR/USD hit the strong resistance level published in the last analysis, located at 1.2245, represents one of the most important directional keys, forcing the pair to retreat to re-test the strong support floor of 1.2170.

Technically, and with a closer look at the 60-minute chart, we find that the euro is still stable above 1.2170 located at Fibonacci retracement of 23.60, and the 50-day moving average is still holding the price from below and supporting the upward curve for prices.

With trading remaining above 1.2170 and most importantly 12145, this encourages us to maintain our positive expectations targeting 1.2230/1.2240, bearing in mind that confirming the breach of the aforementioned level is a catalyst that enhances the chances of a rally towards 1.2275, and targets may extend later to visit 1.2300.

Only from below is the confirmation of a break of 1.2170 that puts the price under strong negative pressure, its initial target is around 1.2110, while its official target is 1.2065, and the 38.20% retracement.

S1: 1.2145	R1: 1.2230
S2: 1.2105	R2: 1.2275
S3: 1.2065	R3: 1.2305