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The single European currency retreated significantly during the previous trading session. We have maintained our intraday neutrality during the previous report, indicating that we are awaiting confirmation of a break of the 1.1880 support level, in order to facilitate the mission to visit 1.1800, recording a low at 1.1836.
On the technical side today, with the Euro succeeding in breaking 1.1880 Fibonacci retracements of 61.80%, which has now turned into a resistance level, in addition to the continuation of negative pressure from the 50-day moving average.
From here, we will maintain our negative outlook, continuing towards the official target of 1.1800, bearing in mind that the breach of the curved level forces the Euro to continue declining towards 1.1770 a next station.
From the top, the upside move above the broken support 1.1880, and the most important 1.1920, delay the chances of a reversal but does not cancel them, and we may witness an upside correctional trend that targets 1.1975 a 50.0% correction. In general, we will continue favoring the downside as long as trading is stable below 1.1975.
| S1: 1.1810 | R1: 1.1920 |
| S2: 1.1770 | R2: 1.1980 |
| S3: 1.1710 | R3: 1.2020 |
