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The euro achieved the expected negative outlook we mentioned in the previous analysis within the gradual negative moving towards the awaited target at 1.1500, recording the lowest price of 1.1513 at the end of last week’s trading.
Technically, by looking at the chart, the euro is trying to rebound upwards due to approaching the psychological support level of 1.1500, within limited positive attempts that might target a retest of 1.1600. However, we notice the continuation of negative pressure from the 50-day moving average, which still constitutes an obstacle for the pair.
Therefore, we maintain our negative outlook, targeting 1.1500.note that the breach below the mentioned support level 1.1500 forces the pair to touch the next 1.1400 official station.
In general, we suggest the bearish trend as long as trading is stable below 1.1600. Most importantly, 1.1640, the primary resistance is the 23.60% Fibonacci correction as shown on the graph.
| S1: 1.1500 | R1: 1.1600 |
| S2: 1.1460 | R2: 1.1640 |
| S3: 1.1410 | R3: 1.1690 |
