Euro is in a sideways, Awaiting New Signals

We were on the sidelines during the previous report, indicating that we are waiting for confirmation of the pair breaking the 1.1720 support level, and the following moves will witness consolidation below the mentioned level.

Technically, with trading remaining below 1.1720, the 23.60% retracement as shown on the chart, in addition to the continuation of negative pressure from the 50-day moving average that meets around 1.1760 resistance and adds more strength. Therefore, we will activate short positions targeting 1.1675 as a first target, bearing in mind that the official target of the current negative trades is around 1.1620 and may extend to 1.1575.

Only from the upside, a rally above 1.1750 / 1.1760 will negate the suggested scenario and lead the pair onto an upside path targeting a re-test of 1.1820

S1: 1.1675	R1: 1.1750
S2: 1.1620	R2: 1.1800
S3: 1.1575	R3: 1.1845