The Euro Starts on The Downside

The Euro traded on the negative side against the US dollar, to start pressing the support level published in the previous analysis at 1.1800, noting that trading below the aforementioned support level pushes the pair to continue its decline.

Technically speaking, looking at240-minutes chart, we find that the SMA 50 is pressing the price from the top and meeting around resistance level of 1.1850 and providing more strength in conjunction with negative signals from the RSI for short periods of time.

The bearish bias will be likely today, targeting 1.1720, a 23.60% Fib retracement as a first target, bearing in mind that breaking 1.1720 will extend the pair’s short-term losses towards 1.1665 / 1.1675.

On the upside, and with a return to trading above 1.1850, the bearish scenario will be negated and we may witness a slight bullish bias with an initial target of 1.1900.

S1: 1.1750	R1: 1.1850
S2: 1.1720	R2: 1.1900
S3: 1.1675	R3: 1.1945