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The euro saw positive trades during the previous trading session, but the positivity is still limited, and the current intraday movements are still below the resistance level of 1.1840.
On the technical side today, and by looking at the 4-hour chart, we find the 50-day moving average that constitutes an obstacle to more rises and meets near the mentioned resistance 1.1840, accompanied by the clear negative signs on the stochastic indicator.
Therefore, with the intraday trading remaining below 1.1840, and in general below the pivotal resistance level, which represents one of the direction keys 1.1880, the 61.80% Fibonacci correction encourages us to keep our negative expectations as they are, knowing that breaking 1.1800 facilitates the task required to visit 1.1765 first target, and then 1.1720 next.
The euro’s breach of the resistance level 1.1880/1.1885 will immediately stop the bearish scenario and lead the pair to an ascending path, to retest 1.1975 50.0% Fibonacci correction.
Note: The RSI is giving positive signals on the short time frames.
| S1: 1.1800 | R1: 1.1880 |
| S2: 1.1765 | R2: 1.1920 |
| S3: 1.1720 | R3: 1.1975 |
