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The euro’s movements against the US dollar witnessed an upward bias during the last trading session. The pair succeeded in retesting the resistance level of the psychological barrier 1.1600, canceling the expected negative outlook.
Technically, and by looking at the 240-minute chart, we notice that the 50-day moving average has returned to support the price from below, and we find the stable pair intraday above the resistance level of 1.1560.
Today, we believe that there is a possibility of the beginning of a bullish corrective slope. Still, the condition of the price remaining above 1.1600 to target 1.1640 represented by the 23.60% Fibonacci correction and confirming its breach is a catalyst that contributes to strengthening the euro’s gains to extend to 1.1690, 38.20% correction.
Trading and price stability below 1.1540 nullifies the activation of the above-suggested scenario and puts the euro under negative pressure again, with an initial target of 1.1500.
| S1: 1.1540 | R1: 1.1600 |
| S2: 1.1500 | R2: 1.1640 |
| S3: 1.1475 | R3: 1.1685 |
