As already expected, the common European currency remained stable against the US Dollar which was caused by lack of fundamental events that could introduce volatility in the market. Thus, the pair remained fluctuating around the weekly PP at 1.24 within the last 24 hours.
Even though the Euro was pushed slighty lower during the Asian session early on Tuesday, the market is expected to be guided by bulls, especially if the combined support of the 200-hour SMA and the 23.60% Fibo retracement is limiting the pair near the 1.2350 mark. Technical indicators are likewise supportive of the bullish scenario that should move the rate towards the 55– and 100-hour SMAs near 1.2450.
Given that no significant fundamentals are likewise apparent today, this resistance should not be breached.
