Euro continues to fall against dollar 12/11/2024

The Euro experienced a significant decline against the U.S. Dollar, in line with previous expectations, after successfully breaking the 1.0680 support level. This move took the pair down to its initial target at 1.0665, coming close to the next key station at 1.0610, with a recorded low of 1.0628.

Technical Analysis:

• Bearish Outlook: On the 4-hour chart, the simple moving averages continue to exert downward pressure, reinforcing the likelihood of a sustained decline. The pair remains under the resistance level at 1.0680, which has now turned from support, and also below the significant psychological barrier at 1.0700.
• Targets: We continue to hold a bearish view, with the next target set at 1.0600. A break below this level could accelerate the downtrend, paving the way for further losses toward 1.0565 and potentially extending to 1.0505.
• Potential Reversal: Should the Euro manage to break above the 1.0700 resistance level, this could temporarily halt the decline, leading to a possible recovery phase aimed at retesting 1.0765.

Warnings:

• High Risk: Given ongoing geopolitical uncertainties, market volatility is elevated, and various outcomes remain possible. Ensure proper risk management strategies are in place.

S1: 1.0600	R1: 1.0705
S2: 1.0565	R2: 1.0765
S3: 1.0505	R3: 1.0805