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The euro declined against the US dollar noticeably at the end of last week’s trading within the expected bearish context, in which we relied on confirming breaking 1.2170, and then 1.2145, heading to touch the first target published during the previous analysis at 1.2110, recording the lowest level at 1.2090.
Technically, trading stability is below the previously broken support, which is now turned to the 1.2170 resistance level represented by the 23.60% Fibonacci correction that supports the negativity, in addition to the negative pressure coming from the 50-day moving average.
Therefore, the scenario for the continuation of the decline is the most preferred today, targeting 1.2065 38.20% correction, a first official target for the current downside wave, taking into account if 1.2065 is broken, this will extend the pair’s losses so that the path is directly open towards 1.1985 50.0% correction.
In general, we continue to suggest the daily bearish trend as long as trading is below 1.2170 and in general below 1.2220.
| S1: 1.2065 | R1: 1.2170 |
| S2: 1.2030 | R2: 1.2235 |
| S3: 1.1975 | R3: 1.2270 |
