Euro Maintains Bearish Trend

The technical outlook is unchanged, maintaining the negative stability against the dollar, witnessing intraday movements stable below 1.1330.

On the technical side, the daily moves of the euro against the US dollar are stable below the resistance level of 1.1380. We notice the negative signs that started appearing on the stochastic indicator on the 4-hour time frame and the stability of the RSI below its mid-line.

The return of the downside path is the most likely, but with caution, knowing that the condition for the return of stability below the 50-day moving average around the 1.1260 level facilitates the mission required to visit 1.1240 and 1.1200 initial targets. Furthermore, it is taken into account that the decline below 1.1200 forces the pair to extend its losses towards 1.1170.

Remember that trading stability below 1.1390/1.1380 is an essential and fundamental condition for continuing the expected daily bearish trend. Its breach will stop the downside trend immediately, and the euro will witness a recovery against the dollar to visit 1.1460.

Note: Today, we are waiting for US jobs data, average wages, as well as US unemployment rates, and the markets may witness high volatility.

S1: 1.1250	R1: 1.1360
S2: 1.1170	R2: 1.1400
S3: 1.1105	R3: 1.1460