The weekly recovery stalled short of the 23.6% retracement of the 1.2413/1.1507, this last, a fresh yearly low reached last Thursday, which means that the common currency is still at risk of resuming its decline. The mentioned Fibonacci resistance is a now a key level at 1.1720. In the daily chart, the 20 SMA stands flat above the current level, the Momentum indicator presents a mild bearish slope within negative readings, while the RSI advances but stands currently at 45, reflecting limited determination from bulls.
Shorter term, and according to the 4 hours chart, the pair managed to regain ground above its 20 SMA, but remains below the larger ones, as technical indicators hold well into positive territory, partially losing their upward strength.
Support levels: 1.1620 1.1590 1.1550
Resistance levels: 1.1680 1.1720 1.1750
