The Euro Maintains Same Technicals

Quiet trading controlled the movements of the euro against the US dollar for the second session in a row, without any change in the technical moves.

On the technical side today, and by looking at the 60-minute chart, we find there is a beginning of a decline in momentum, as we find the euro finding a strong resistance level around 1.2155, the 50-day moving average is pressing the price from the top accompanied by the obvious negativity on the stochastic indicator.

We tend to be negative in our intraday trading, targeting a re-test of 1.2065 Fibonacci retracements of 38.20%, as shown on the chart.

Note: Confirmation of breaking 1.2065 is capable of pressing the price to target 1.2020.

Trading again and confirming the breach of 1.2155 motivates the price to head towards 1.2175, a correction of 23.60%.

S1: 1.2065	R1: 1.2155
S2: 1.2020	R2: 1.2185
S3: 1.1975	R3: 1.2235