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Negative trading dominated the single European currency during the previous trading session, within the expected bearish path, touching the first target at 1.1750, recording the lowest price of 1.1750.
Technically, and with careful consideration of the 4-hour chart, we find the simple moving averages continuing their negative pressure on the price from upside, in addition to stabilizing trading below the 1.1790/1.1800 level.
Therefore, we maintain our negative outlook, continuing towards the next official station, 1.1700, and it is worth noting that breaking the mentioned level will extend the euro’s losses to open the door towards 1.1675.
In general, we will continue to suggest the bearish trend as long as trading is stable below the pivotal resistance 1.1885 represented by the 61.80% Fibonacci correction.
| S1: 1.1740 | R1: 1.1810 |
| S2: 1.1700 | R2: 1.1850 |
| S3: 1.1670 | R3: 1.1885 |
