The Euro is Waiting For a New Signal

The movements of the euro against the US dollar witnessed a bullish bias during the previous trading session, but still a limited bullish, so far the pair has found it difficult to breach the resistance level published during the previous analysis 1.2245, which we explained as one of the conditions for the continuation of the rise.

Technically, by looking at 240 minutes chart, we find the current movements tend to be negative within the conflict of technical signals between the attempts of the 50-day moving average that support the rise, supported by the stability of trading above 1.2170, and between the negative signals that began to appear Stochastic indicator.

From here, we will stand aside for the moment in order to obtain a high-quality deal, to be in front of one of the following scenarios:

The continuation of the bullish bias requires daily trading to remain above 1.2170, 23.60% Fibonacci correction. We also need to witness a clear breach of the 1.2245 resistance level, in order to enhance the chances of rising towards 1.2275, and then 1.2300 as a next station.

Activating short positions depends on breaking 1.2170, and from here, the pair may witness a bearish corrective slope, with its official target located around 1.2065, 38.20% correction.

S1: 1.2180	R1: 1.2245
S2: 1.2140	R2: 1.2265
S3: 1.2105	R3: 1.2310