The Euro Trying to Rise

The single European currency provides some temporary bullish bias after several consecutive falls against the US dollar, reaching its lowest levels around 1.1265.

Technically, and by looking at the 4-hour chart, we notice the negative pressure coming from the 50-day moving average, which meets near the resistance level of 1.1440, which still constitutes a strong obstacle against the Euro, in addition to the clear negativity on the stochastic indicator.

Therefore, we maintain our negative expectation, knowing that trading below 1.1320/1.1300 facilitates the task required to continue working within the bearish trend range with a target of 1.1265 and 1.1220 awaited stations.

To remind that activating the suggested bearish scenario depends on the stability of daily trading below the resistance level of the psychological barrier 1.1400, and most importantly, 1.1440.

S1: 1.1300	R1: 1.1400
S2: 1.1265	R2: 1.1445
S3: 1.1220	R3: 1.1510