Euro Continues to Move Towards Negative Targets

The single European currency continues to decline against the US dollar within the expected bearish path. The euro continues to crawl negatively shy off target published in the previous analysis at 1.1620, posting low at 1.1630.

Technically, looking at the 240-minute chart, we see that the moving averages continue to build a pressure on the prices, in addition to intraday trading below 1.1660, and in general, below the previous broken support-into-resistance 1.1720, Fibonacci retracement of 23.60%.

We will maintain negative outlook, knowing that a break of 1.1620 will accelerate and confirm the strength of the daily bearish trend, paving the way directly towards 1.1565, then 1.1540, 38.20% Fib.

As a reminder, a rise to 1.1720 will negate the suggested scenario, and we may witness a bullish bias targeting a re-test of 1.1780.

S1: 1.1610	R1: 1.1690
S2: 1.1565	R2: 1.1730
S3: 1.1525	R3: 1.1780