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The Euro started pressure on the solid support level at 1.1280 in a negative trading session yesterday, after the single European currency found selling orders at the main supply point 1.1380.
Technically, and by looking at the 4-hour chart, we notice the negative pressure coming from the simple moving averages. The 50-day average meets around the resistance level of 1.1380, adding more strength to the stability of the intraday trading below 1.1345.
Therefore, the pair may resume the negative movements, knowing that the decline below the support level of 1.1270 may facilitate the task required to visit 1.1220 and then 1.1150 next official station as long as the trading is stable below 1.1380.
Trading above the mentioned level may cancel the bearish scenario altogether, and the Euro may recover again to retest 1.1410 and 1.1460, respectively.
Note: CFD trading involves risks; all scenarios may occur.
| S1: 1.1270 | R1: 1.1340 |
| S2: 1.1220 | R2: 1.1375 |
| S3: 1.1150 | R3: 1.1410 |
