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The single European currency continued its quiet trading in a bearish context, as we expected it gradually approached the first official target published during the previous analysis, 1.1975, to record its lowest price during the previous session at 1.1984.
On the technical side, today we witness a stability of the euro below the resistance level of 1.2065, as we note the continuation of the negative pressure of the simple moving averages.
Consequently, we maintain our negative outlook, continuing towards the same target 1.1975 50.0% correction, bearing in mind that confirming a break of 1.1975 may extend the Euro’s losses so that the way is open directly towards 1.1900/1.1890, 61.80% correction.
A reminder that the return of trading stability again above 1.2065, a correction of 38.20%, is a prerequisite for the continuation of the decline and its breach, which negates the retracement attempts, and the euro regains its recovery in the form of an index against the dollar in order to re-test 1.2110/1.2120.
| S1: 1.1975 | R1: 1.2065 |
| S2: 1.1950 | R2: 1.2110 |
| S3: 1.1900 | R3: 1.2150 |
