The Euro is Trying to Advance 6/1/2022

The single European currency witnessed attempts to rise during yesterday’s trading session, but there are still limited gains, recording the highest level at 1.1346, trying to build on the 1.1270 support level.

Technically, by carefully looking at the 240-minute chart, we notice that the 50-day moving average is still a negative pressure factor on the price, accompanied by the clear negative features on the stochastic indicator.

As long as trading is stable below the pivotal supply area located at 1.1380, the bearish scenario will remain the most likely, knowing that declining below 1.1270 support facilitates the task required to visit 1.1220, and the negativity may extend towards 1.1160.

The above-mentioned scenario requires daily trading to remain below 1.1380, and its breach may stop the bearish bias, and the pair may recover again, heading towards 1.1420 and 1.1465 next price stations.

S1: 1.1270	R1: 1.1360
S2: 1.1220	R2: 1.1420
S3: 1.1160	R3: 1.1465