Euro Settled Below Resistance And Negativity Remains

The Euro is still trading calmly within a bearish context, as we expected, after it hit the strong resistance published in the previous analysis, located at 1.2065, which forced it to trade negatively, and gradually approached our target.

Technically, we will maintain our negative outlook, relying on the negative pressure coming from the simple moving averages, in addition to the obvious negativity on the stochastic indicator.

From here and with the continuation of trading below 1.2065 Fibonacci correction 38.20%, the bearish tendency is likely today, targeting 1.1975, the first target represented by the 50.0% correction, knowing that trading below the aforementioned level puts the euro under negative pressure targeting 1.1950, and then 1.1900.

A reminder that the activation of the bearish scenario depends on the stability of daily trading below 1.1865, and a breach thereof delays the chances of a reversal, and will witness a re-test of 1.2110.

S1: 1.1975	R1: 1.2065
S2: 1.1950	R2: 1.2110
S3: 1.1900	R3: 1.2150