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Limited sideways trading dominates the euro’s movements for the second session in a row, and it hits the strong resistance level of 1.1850, unable to breach it so far, which forced it to the downside, to put negative pressure on the 1.1800 support level.
With a closer look at the 4-hour chart, we find the stochastic is trading with negativity and started losing the bullish momentum, in addition to the negative pressure coming from the 50-day moving average, which meets near the resistance level of 1.1850.
Therefore, the technical outlook is unchanged, maintaining our negative view, knowing that breaking 1.1780 will open the door to visit 1.1750, and then 1.1710/1.1700 is an awaited next station.
Rising above 1.1880, the 61.80% Fibo, will immediately stop the expected bearish scenario, and the euro will recover again; we will witness an ascending path with an initial target of around 1.1930.
| S1: 1.1780 | R1: 1.1850 |
| S2: 1.1750 | R2: 1.1880 |
| S3: 1.1710 | R3: 1.1930 |
