Euro Trying to Recover Against The US Dollar

A noticeable surge of the euro against the US dollar at the end of last week’s trading, nullifying the expected negative outlook during the previous analysis, touching the stop-loss order 1.1800, recording the highest level at 1.1804.

On the technical side today, we find the euro succeeded in stabilizing above the previously breached resistance level, which is now turned to the 1.1760 support level, and we also see the 50-day moving average that returned to carry the price from below.

A signal increases the possibility of witnessing a bullish bias during today’s session, targeting 1.1830/1.1840, a first target, and gains may extend later to visit 1.1885, the 61.80% Fibonacci correction, as shown on the chart.
Activating the suggested scenario depends on the stability of trading above 1.1760. Conversely, the return of the trading stability below it renews the chances of controlling the bearish bias, with the first target of 1.1700.

S1: 1.1745	R1: 1.1830
S2: 1.1690	R2: 1.1860
S3: 1.1660	R3: 1.1905