The Euro Continues Towards Bearish Targets

The European single currency ended its weekly trading in the red areas within the expected negative outlook with the movements within the current descending wave, touching the first price target area for the last analysis at 1.1265, recording its lowest level at 1.1250.

Technically, by looking at the 4-hour chart, we notice the continuation of the chances of buying rejection after retesting 1.1380 near the 50-day moving average, which continues the negative pressure.

Therefore, chances of continuation of the decline are still intact, waiting for the price to visit 1.1200/1.1220 next price target, knowing that the price stability below the mentioned level can enhance losses against the dollar to 1.1175, the next target.

Activating the suggested scenario depends on the stability of daily trading below the resistance level of 1.1350, which extends to 1.1380.

S1: 1.1220	R1: 1.1355
S2: 1.1175	R2: 1.1425
S3: 1.1105	R3: 1.1480