Euro: Negative Pressure Remains

Negative trading dominated the moves of the euro against the US dollar yesterday within retesting the support published in the previous analysis, touching the first required target at 1.2100 and approaching a few points difference at the second target 1.2065, to record its lowest level during the previous session 1.2077.

On the technical side today, and with a closer look at the 240-minute chart, we find the pair is stable below the resistance level 1.2160 / 1.2170, and the stochastic indicator continues to provide negative signals. Today, we maintain our negative expectations, knowing that trading below 1.2075 increases the negative pressure on the Euro to continue the bearish path towards the second target 1.2030.

From the top, crossing to the upside and rising again above 1.2170 will immediately stop the expected downside scenario, and the pair will recover again so that the way is directly open towards 1.2210 and later extending towards 1.2240.

S1: 1.2075	R1: 1.2170
S2: 1.2030	R2: 1.2210
S3: 1.1985	R3: 1.2245