The Euro is Falling Back Against The US Dollar.

A gradual decline to the downside for the EUR/USD pair, within the expected bearish path mentioned in the previous analysis, approaching the official station of 1.1700, recording its lowest level at 1.1723.

technically, and carefully looking at the 240-minute chart, we notice that the simple moving averages continue their negative pressure on the pair from above, in addition to the stability of the intraday trading below the resistance level of 1.1760/1.1780, and in general below 1.1800.

Therefore, we maintain our negative expectations, knowing that trading below 1.1730 facilitates the task required to visit the first official station 1.1700 and then 1.1670. It should be noted that any trading below 1.1670 extends the pair’s losses so that the path is directly open towards 1.1600.

on the upside, rise again above 1.1800, capable of thwarting the bearish scenario completely, and we are witnessing a temporary ascending path whose initial target is around 1.1850.

S1: 1.1700	R1: 1.1760
S2: 1.1670	R2: 1.1800
S3: 1.1600	R3: 1.1840