The Euro Below Resistance

Quiet trading dominated the euro’s movements against the US dollar within the expected bearish context, and the technical outlook did not change much.

Technically, and by looking at the 4-hour chart, we notice the trading stability below the 1.1640 resistance level represented by the 23.60% Fibonacci correction as shown on the chart.

The 50-day simple moving average starts negative pressure on the pair from above; therefore, we believe there is a bearish tendency in the coming hours, targeting 1.1560 and 1.1520, respectively.

The return of the stability of the intraday trading above the previously broken support-into-resistance at 1.1640, delays the bearish bias but does not cancel it, and we may witness attempts to retest 1.1680, 38.20% correction, before retracing.

S1: 1.1565	R1: 1.1660
S2: 1.1525	R2: 1.1690
S3: 1.1490	R3: 1.1730