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Mixed trading dominated the euro’s movements against the US dollar. The euro is still facing negative pressure for the fourth consecutive session, unable to breach the strong resistance level published during all the technical reports over the week at 1.1750.
Technically, the euro continues its negative crawling to the downside and starts to pressure the psychological support level of 1.1700. By looking at the chart, there is a bearish technical structure on the 4-hour time frame that supports the decline, in addition to the negative pressure coming from the 50-day moving average.
Therefore, we will maintain our negative expectations, knowing that trading below 1.1700 facilitates the task required to visit 1.1675 and 1.1640, respectively; the official target is around 1.1600.
From the top, the overshoot upside and rise again above 1.1780 will stop the bearish scenario, and the pair will recover, and we may witness a temporary bullish path that aims to retest 1.1840.
| S1: 1.1675 | R1: 1.1750 |
| S2: 1.1640 | R2: 1.1800 |
| S3: 1.1605 | R3: 1.1845 |
