Euro Presses Support And Confirmation of The Break, Extends Losses

Negative trading dominated the movements of the euro against the US dollar during the previous trading session, after finding a strong resistance level near 1.1970.

Technically speaking today, and by looking at the 4-hour chart, we find the 50-day moving average that supports the idea of ​​a further decline, in addition to trading stability below 1.1975 located around 50.0% Fibonacci retracement.

Thus, a bearish bias is likely today, provided that a break of 1.1885 is confirmed, a correction of 61.80%, which will facilitate the task required to visit 1.1850, and then 1.1800, the next awaited station.

Activating the bearish scenario requires the euro to remain intact below 1.1975, and surpassing it upwards will postpone the suggested bearish scenario, and we are witnessing a bullish slope, whose initial target is located around 1.2020.

S1: 1.1885	R1: 1.1975
S2: 1.1850	R2: 1.2020
S3: 1.1800	R3: 1.2075