Euro Continues to Decline Against US Dollar

The European currency showed negative movements during the previous trading session within the expected negative outlook during the previous analysis, touching the first target to be touched at 1.1670, recording the lowest price of 1.1660.

Technically speaking, the intraday trading is stable below the previously broken support barrier, which has now been converted to the 1.1800 resistance level, which supports the negativity, in addition to the continuation of the negative pressure coming from the 50-day moving average.

We will maintain our negative Outlook, continuing towards the second official target of the previous analysis 1.1710/1.1700. A next official leg, its negative targets may extend later towards 1.1680.

From the top, crossing to the upside and climbing above 1.1840 delays the chances of a reversal, but does not cancel them, and we may witness a slight bullish tendency aimed at retesting 1.1885 61.80% correction before resuming the decline again.

S1: 1.1760	R1: 1.1820
S2: 1.1745	R2: 1.1860
S3: 1.1710	R3: 1.1910