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Quiet trading dominated the euro’s movements against the US dollar within the expected bearish context, and the technical outlook did not change much.
Technically, and by looking at the 4-hour chart, we notice the trading stability below the 1.1640 resistance level represented by the 23.60% Fibonacci correction as shown on the chart.
The 50-day simple moving average starts negative pressure on the pair from above; therefore, we believe there is a bearish tendency in the coming hours, targeting 1.1560 and 1.1520, respectively.
The return of the stability of the intraday trading above the previously broken support-into-resistance at 1.1640, delays the bearish bias but does not cancel it, and we may witness attempts to retest 1.1680, 38.20% correction, before retracing.
| S1: 1.1565 | R1: 1.1660 |
| S2: 1.1525 | R2: 1.1690 |
| S3: 1.1490 | R3: 1.1730 |
