The Euro is Testing Resistance And Finding difficulty to Break Through 17/2/2022

The Euro retested the critical resistance mentioned in the previous report at 1.1380, explaining that it represents one of the most critical directional keys for the current trading levels, which forced the pair to trade negatively around 1.1345, the lowest level during the early trading of the current session.

Technically, the current movements of the Euro are still stable below 1.1380, 61.80% Fibonacci as shown on the 240-minute chart, in addition to the action below the 5-day moving average.

There may be a possibility of a bearish tendency during the current session’s trading to visit the 1.1300 buying position, taking into account that the decline below 1.1300 may put negative pressure towards 1.1265 next station, as long as the daily trading is stable below 1.1380.

Consolidation above the 61.80% Fibonacci of the pivotal supply point may cancel the view of ​​the decline, and the Euro may recover again towards 1.1410, and it may extend towards 1.1470.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.1305	R1: 1.1380
S2: 1.1265	R2: 1.1410
S3: 1.1210	R3: 1.1470