The Euro Presses Support And Eyes on The European Central

Sideways trading dominates the movements of the single European currency for several sessions in a row, to find it difficult to settle above the pivotal resistance level published during the last analysis at 1.2210.

Technically, and with careful consideration of the chart, the current movements are witnessing a bearish tendency, and the Euro begins to press on the pivotal support level located at 1.2170 represented by the 23.60% Fibonacci correction.

The RSI is providing stable negative signals below the 50 mid-line, and the simple moving averages started pressure on the price from above.

We tend in our trading to the negative, but with caution, targeting 1.2145 and 1.2110 initial stations, and it should be noted that trading below the latter puts the price under strong negative pressure. Its official target is around 1.2065, 38.20% correction.

From the top, skipping up and rising again above 1.2210 is able to thwart the descending attempts, and the euro recovers again with an initial target of 1.2270, and it may extend later to visit 1.2300.

Note: The ECB Monetary Policy Committee statement and the ECB press conference due today and prices may witness high fluctuations.

S1: 1.2145	R1: 1.2200
S2: 1.2110	R2: 1.2235
S3: 1.2065	R3: 1.2270