The Euro Begins With Negative Pressure on Support

Quiet trading dominated the euro’s movements against the US dollar within the general bearish path, recording its lowest level at 1.1540 and starting today’s session by pressing the mentioned level.

Technically, and by looking at the 240-minute chart, we notice the stochastic losing the bullish momentum, in addition to the pair’s continuing negative pressure from the 50-day moving average, which is still an obstacle preventing the pair from rising.

From here, and with movements within the descending price channel, in addition to the bearish technical structure shown on the chart, this encourages us to maintain our negative outlook, knowing that trading below 1.1540 opens the door to 1.1500. It should be noted that trading below 1.1500 increases the strength of the bearish trend to pave the way to 1.1420.

Trading above 1.1600 and the stability of the price above it may be a catalyst that pushes the price higher, with an initial target of 1.1640, a correction of 23.60%, and it may extend later to visit 1.1720.

S1: 1.1540	R1: 1.1600
S2: 1.1500	R2: 1.1640
S3: 1.1420	R3: 1.1680