The Euro Continues to Put Pressure on The Support And Negativity Remains

The single European currency continues to pressure the pivotal support level aforementioned in the previous analysis at 1.1770, to stabilize the current trading of the pair around the lowest level during early trading for the current session at 1.1660.

Technically speaking, and with a closer look at the chart, we find the RSI indicator continues to provide negative signals, and this comes in conjunction with the continued negative pressure on the pair from the 50-day moving average.

Consequently, we will maintain our negative outlook targeting 1.1745, and then 1.1700 official waiting stations. From the top, crossing to the upside and rising above 1.1820 will stop the bearish scenario, and we are witnessing a slight bullish tendency targeting a retest of 1.1885, a 61.80% correction before resuming the drop again.

S1: 1.1745	R1: 1.1820
S2: 1.1700	R2: 1.1860
S3: 1.1670	R3: 1.1910