Euro Waiting For Pending Orders

The euro against the US dollar ended the previous trading session without a noticeable change within a sideways bias tilted to the negativity.

Technically, and with a closer look at the 4-hour time chart, we find the SMA 50 continues to pressure the price from the top, supporting the occurrence of a bearish tendency during the day, and on the other hand, the stochastic indicator is still trying to obtain positive momentum for the second consecutive session accompanied by stability trading above Support level of 1.2170.

With the conflict of technical signals, we will stand on the fence for the second day, until the next trend becomes clearer in a more accurate so that we are in front of one of the following scenarios:

Activating short positions requires intraday stability below 1.2200, and most importantly 1.2240. We also need to witness a clear break of the pivotal support level 1.2170 represented by the 23.60% Fibonacci correction, and that leads the pair to a bearish path, with its initial target located around 1.2120, and after that 1.2065 38.20% correction, the next official station.

Activating long positions depends on crossing to the upside and rising again above 1.2240, which leads the pair to resume the rise with targets starting at 1.2300 and extending towards 1.2335.

S1: 1.2170	R1: 1.2240
S2: 1.2120	R2: 1.2300
S3: 1.2065	R3: 1.2335