Euro Continues to Decline

The single European currency continues its gradual decline to the downside, to start pressure on the support level published during the previous analysis at the price of 1.2120.

Technically, and with a closer look at the chart at a 240-chart, we find the negative pressure coming from the 50-day moving average, and we find that the RSI indicator began to gain bearish momentum on short time frames, in addition to trading stability below the resistance level of 1.2175 represented by the correction Fibonacci 23.60%.

We tend to be negative, but we prefer to confirm a break of 1.2110, which will facilitate the task required to visit 1.2065, the first target represented by the 38.20% Fibonacci retracement, and may extend later towards 1.2045 / 1.2040. A reminder that surpassing the ascending resistance level at 1.2175 delays the chances of a reversal, but does not cancel them, and we may witness a bullish bias aimed at re-testing 1.2210.

S1: 1.2110	R1: 1.2175
S2: 1.2065	R2: 1.2210
S3: 1.2040	R3: 1.2250