Euro Pressing Support

The bearish tendency continues to pressure the euro’s movements against the US dollar within a gradual decline to the downside, touching the first target to be achieved last Friday, 1.1920, to hit a low of 1.1898.

On the technical side, today the intraday trading is witnessing stability below the previously breached support level converted to the 1.1930 resistance level, as we find the simple moving averages continue to pressure the price from the top.

From here, the bearish trend remains likely today, knowing that confirming a break of 1.1900 facilitates the task required to visit 1.1875 Fibonacci retracement 61.80%, as shown on the chart. It should be noted that a break of the latter increases the chances of continuing the current bearish wave to 1.1845 and 1.1795 stations. The following official.

Only from the top, to move upwards and rise above 1.1975, a 50.0% correction is capable of foiling the expected bearish scenario, and the euro regains its recovery against the dollar, with an initial target of 1.2030.

S1: 1.1875	R1: 1.1955
S2: 1.1845	R2: 1.2000
S3: 1.1795	R3: 1.2035