The Euro Hovers around Resistance Levels

The single European currency kicked off the weekly trading on a slightly bullish slope, aiming to retest the resistance level 1.1880/1.1890.

Technically speaking, the 4-hour chart shows that the stochastic is trading around overbought levels, with trading stabilized below the 1.1880/1.1890 resistance level, 61.80% Fibonacci level.

Therefore, the bearish scenario will remain valid, targeting 1.1820, followed by 1.1780, key level. On the upside, the run again above 1.1920/1.1930 can pour cold water over the proposed scenario, and the euro will recover again against the US dollar, with an initial target of 1.1970 level, 50.0% correction.

S1: 1.1820	R1: 1.1890
S2: 1.1770	R2: 1.1930
S3: 1.1725	R3: 1.1975