Euro Touches First Goal

Quiet negative trading continues to dominate the euro’s movements against the US dollar, as we expected, touching our first target to be achieved at 1.2110, recording low of 1.2110.

Technically speaking, and by looking at the 60-minute chart, we find the 50-day moving average continues to pressure the price from the top, in addition to trading stability below the previously broken support level, which now becomes resistance at 1.2170, Fib 23.60%.

From here, the bearish tendency remains valid and effective, bearing in mind that breaking 1.2110 puts the pair under negative pressure to complete the bearish correction to visit the second official target 1.2065, Fib38.20%, before resuming the upside again.

S1: 1.2110	R1: 1.2180
S2: 1.2065	R2: 1.2220
S3: 1.2025	R3: 1.2255