The Euro Breaks Through The Resistance

The single European currency started trading with a noticeable rise within the expected bullish path. Therefore, we relied on stabilizing trading above the 1.1540 support.

Technically, the current moves are witnessing a bullish bias, attacking the strong resistance level of 1.1640, 23.60% Fibonacci correction, accompanied by the continuation of the positive motive coming from the 50-day moving average, in addition to the bullish technicals seen on the 240-minute chart.

Therefore, the bullish bias is likely today, targeting 1.1690/1.1680, a correction of 38.20%, a first target, knowing that its breach contributes to strengthening the euro’s gains to visit 1.1720.

Activating the above suggested bullish scenario depends on the stability of daily trading above 1.1570, and most importantly, 1.1540, and breaking the latter can thwart the bullish bias and put the price under negative pressure initial target is 1.1500.

S1: 1.1600	R1: 1.1680
S2: 1.1540	R2: 1.1720
S3: 1.1500	R3: 1.1770