The Euro is Trying to Beat The US Dollar

The single European currency tried to advance after the bullish bias against the dollar within the bullish corrective path, recording a high of 1.1624 and maintaining its intraday movements above the 1.1600 barrier.

Technically, and by looking at the 240-minute chart, we notice clear positive crossover signs on the stochastic indicator, coinciding with the positive signals coming from the RSI to facilitate the task to continue the bullish correction, in addition to the technical structure shown on the chart.

Therefore, with the stability of daily trading above the support level of 1.1550/1.1540, the bullish corrective tendency is likely today, targeting 1.1640, a first target represented by the 23.60% Fibonacci correction, and its breach is a catalyst that increases the possibility of touching the second border 1.1670.

The bullish scenario requires the pair’s price to remain above 1.1540 and breaking it will lead the euro to the official descending path, with the first target of 1.1500 initially.

S1: 1.1540	R1: 1.1600
S2: 1.1500	R2: 1.1640
S3: 1.1475	R3: 1.1685