The Euro Hit The Resistance

For the second session in a row, the euro hits the strong resistance level mentioned in the previous analysis, at 1.1850, unable to breach it so far, which forced it to trade negatively, to start negative pressure on the 1.1800 support level.

With a closer look at the 4-hour chart, we find the stochastic is trading with negativity and started losing the bullish momentum gradually, in addition to the negative pressure coming from the 50-day moving average, which meets near the resistance level of 1.1850 and adds more strength to it.

Therefore, we maintain our negative outlook, knowing that breaking 1.1780 will facilitate the task required to visit 1.1750, 1.1710/1.1700 next stop.

Rising above 1.1880, the 61.80% Fibo, will immediately stop the expected bearish scenario, and the euro will recover again; we will witness an ascending path with the initial target is around 1.1930.

S1: 1.1780	R1: 1.1850
S2: 1.1750	R2: 1.1880
S3: 1.1710	R3: 1.1930