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The euro made positive attempts to rise against the US dollar. However, there are still limited attempts to hit the strong resistance level that was published throughout all reports this week at 1.1750, which was able to limit the bullish bias.
Technically speaking, and by looking at the 240-minute chart, we find the stochastic started losing the bullish momentum gradually, in addition to the negative pressure formed by the 50-day moving average, which meets around the 1.1750 resistance level.
Therefore, we tend in our trading to the negative side, targeting 1.1700, considering that the euro’s stability below the mentioned level puts the price under negative pressure. Its initial target is around 1.1665, while its official target is around 1.1610.
Only from above, the return of stability above 1.1750 postpones the chances of rising but does not cancel them, and we may witness a retest of 1.1780, and in general, the trend is still bearish as long as trading is below 1.1800/1.1780.
| S1: 1.1700 | R1: 1.1760 |
| S2: 1.1665 | R2: 1.1800 |
| S3: 1.1610 | R3: 1.1845 |
