Euro Continues to Achieve Descending Targets

The Euro retreated significantly in the bearish path, as we expected after it succeeded in breaking the support level of 1.2065 heading to touch our first target required to be achieved at 1.2010, recording its lowest price at 1.2010.

Technically speaking, the pair’s current moves are witnessing stability below 1.2065 located at the 38.20% Fibonacci correction, and the simple moving averages continue to pressure the price from the top.

This encourages us to maintain our negative outlook targeting 1.2000, bearing in mind that trading below the last leads the pair to touch the second official target of the current descending wave of 1.1975, 50.0% correction.

In general, we will continue suggesting the overall bearish trend as long as trading remains stable below the pivotal resistance 1.2170, retracement of 23.60%.

S1: 1.2000	R1: 1.2080
S2: 1.1970	R2: 1.2130
S3: 1.1930	R3: 1.2170