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The technical outlook is unchanged, and the pair’s movements have not changed significantly, maintaining the expected bearish path.
On the technical side, the 50-day moving average started the negative pressure on the price from above and the stability of the intraday trading below 1.3780, and in general below the main resistance 1.3820.
We maintain our negative outlook, targeting 1.3710, a first target. The pair’s price behavior should be monitored around this level due to its importance to the general trend in the short term, and breaking it will increase the negativity towards 1.3665 and 1.3620.
The suggested bearish scenario depends on the stability of trading below 1.3820, and its breach can thwart the proposed scenario. The pair recovers again to visit the official target of 1.3850 initially.
| S1: 1.3720 | R1: 1.3790 |
| S2: 1.3665 | R2: 1.3820 |
| S3: 1.3620 | R3: 1.3845 |
