Open trading account 
The euro is consolidating gains against the US dollar on Thursday morning European session.
The exchange rate is moving closer to the 1.1370 level at 0725 UTC.
During yesterday's session, losses were hindered at the 1.13 level. And after testing the previous mentioned level, the exchange rate rose yesterday from there till 1.1390 recorded during today's earlier Asian session.
The exchange rate is now above the lower boundary of the daily Bollinger bands (1.1330). The 20-day SMA is further above that area, at 1.1580.
Corrections forces may be in place, but limited. It is rather more a technical correction than any kind of recovery, given that no major shift in fundamentals are in place. If my previous assumption is accurate, a stronghold on the upside is foreseen at 1.1469/75, where both the monthly S2 and the weekly PP are located at, respectively.
On the other hand, if bearish sentiment prevails, the next target is likely the 1.12 level, which allocates the weekly S2 (1.1230.) For the notice, gains that are being consolidated at the moment may be supported by the monthly S3 (1.1363).
The exchange rate is moving closer to the 1.1370 level at 0725 UTC.
During yesterday's session, losses were hindered at the 1.13 level. And after testing the previous mentioned level, the exchange rate rose yesterday from there till 1.1390 recorded during today's earlier Asian session.
The exchange rate is now above the lower boundary of the daily Bollinger bands (1.1330). The 20-day SMA is further above that area, at 1.1580.
Corrections forces may be in place, but limited. It is rather more a technical correction than any kind of recovery, given that no major shift in fundamentals are in place. If my previous assumption is accurate, a stronghold on the upside is foreseen at 1.1469/75, where both the monthly S2 and the weekly PP are located at, respectively.
On the other hand, if bearish sentiment prevails, the next target is likely the 1.12 level, which allocates the weekly S2 (1.1230.) For the notice, gains that are being consolidated at the moment may be supported by the monthly S3 (1.1363).
