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Quiet trading for the euro against the US dollar tended to the downside, trying to settle above our last target at 1.1700, to witness a temporary bullish bias aimed at retesting 1.1740.
Technically, and by looking at the 240-minute chart, we find the stochastic started losing the bullish momentum gradually, accompanied by the continuation of the negative pressure coming from the 50-day simple moving average, which meets near 1.1780 and adds more strength to it.
Therefore, we will maintain our negative outlook, provided that we witness the breach of the psychological support level of 1.1700, targeting 1.1670 first target, and then 1.1600 next official station.
In general, we continue to suggest the overall bearish trend as long as trading below the broken support-into-resistance at 1.1780, and its breach delays the chances of a decline and increases the possibility of witnessing a temporary bullish bias, targeting 1.1840.
| S1: 1.1670 | R1: 1.1760 |
| S2: 1.1610 | R2: 1.1800 |
| S3: 1.1575 | R3: 1.1845 |
