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We committed to intraday neutrality during the previous analysis due to the conflicting technical signals, The re-activation of the short positions needs to witness the return of the price below the 1.2065 level.
On the technical side, today the euro resumed its decline after finding a strong resistance level around 1.2110, as the current moves are witnessing stability below 1.2065 Fibonacci retracement of 38.20%, and we find the 50-day moving average is still an obstacle in front of the pair.
From here, the bearish bias is valid and effective, targeting 1.2000 primary stations, and then 1.1975 a 50.0% retracement, an awaited next station. The bearish scenario requires stability below 1.2110 and breaching it will lead the pair directly to retest 1.2175.
| S1: 1.2000 | R1: 1.2100 |
| S2: 1.1965 | R2: 1.2140 |
| S3: 1.1930 | R3: 1.2175 |
