Euro Continues to Negative

The single European currency started its first weekly trading, maintaining the negative stability, and the current movements of the pair are witnessing stability below the psychological barrier of 1.1600.

Technically, by looking at the 4-hour chart, we notice the continuation of the apparent negative signs on the stochastic indicator, accompanied by the euro’s continuing negative pressure from the 50-day moving average.

We maintain our negative outlook, targeting 1.1560, a first target, taking into consideration that the second official target for the current downside wave is around 1.1500 official stations that are awaited.

The breach up and the price’s rise above the resistance level 1.1635 will postpone the chances of a decline, and we may witness a slight bullish bias that aims to retest 1.1700 before attempts to decline again.

S1: 1.1560	R1: 1.1635
S2: 1.1510	R2: 1.1670
S3: 1.1475	R3: 1.1720