The Euro Continues Its Gradual Decline

The single European currency continues its quiet negative crawling to start negativity by pressure on the psychological barrier support level at 1.1700.

On the technical side, and by looking at the 4-hour chart, we notice the continuation of the negative pressure coming from the 50-day simple moving average and the regular work within the descending price channel as shown on the graph.

Therefore, with the pair maintaining intraday stability below the resistance level of 1.1750 and in general below the resistance level of 1.1780, which represents the key to protecting the bearish trend in the short term, this encourages us to keep our negative expectations, knowing that trading below 1.1700 facilitates the task required to visit 1.1665 first target and then 1.1610.

Settling above the resistance level of 1.1780 negates the suggested bearish scenario, and we will witness an ascending path with an initial target is around 1.1840/1.1830.

S1: 1.1665	R1: 1.1750
S2: 1.1610	R2: 1.1780
S3: 1.1570	R3: 1.1820