The Euro is Below Support

The single European currency failed to confirm breaching the major resistance level published in the previous analysis, at 1.1680, over several consecutive sessions, which forced it to trade negatively again.

Technically, and by looking at the 4-hour chart, we notice the trading stability below the psychological support level of 1.1600. We mentioned yesterday that the intrusion below the mentioned level might start a bearish daily trend.

The 50-day simple moving average starts negative pressure on the pair; therefore, we believe there is a bearish tendency in the coming hours, targeting 1.1560 and 1.1520, respectively.

The return of the intraday stability above the previously broken support 1.1640 corrections of 23.60% as shown on the graph that postpones the bearish bias but does not cancel it, and we may witness attempts to retest 1.1680 before retracing again

S1: 1.1565	R1: 1.1660
S2: 1.1525	R2: 1.1690
S3: 1.1490	R3: 1.1730