The Euro remained stable against the US Dollar during the previous session. The expected decline was restricted by a massive support cluster in the 1.2250/25 area.
However, the pair has likewise failed to overcome the 1.2270 mark, thus confirming the upper boundary of a one-week descending channel. It showed low volatility early today, as the 55– and 100-hour SMAs limited any attempts to edge lower.
The Euro’s movement during the previous sessions demonstrates that bears are restlessly trying to push the rate below this massive support. Thus, it is more likely that the pair remains tended southwards in this session.
Given the strength of this support, the rate might continue its movement sideways. Upside target for today should be the weekly R1 at 1.2305.
