The Euro Breaks The Support

We adhered to intraday neutrality at the end of last week’s trading due to the conflicting technical signals, explaining that we are waiting for the price behavior of the euro around the 1.1690 resistance level. Activating the selling positions depends on the decline below the 1.1640 support level, and breaking it renews the chances of negative pressure to target 1.1540, recording a low at 1.3535.

Technically, with intraday trading stabilizing below the psychological support level of 1.1600, and in general below the resistance level of 1.1640, the 23.60% correction, in addition to the negative pressure of the simple moving averages.

Therefore, we maintain our negative expectations, knowing that the stability of trading below 1.1540 opens the door to visit 1.1500, and losses may extend later towards 1.1440.

Rising again above 1.1600 can postpone the chances of a decline but does not negate it, and we may witness a retest of 1.1640 before a further decline.

S1: 1.1500	R1: 1.1670
S2: 1.1440	R2: 1.1750
S3: 1.1350	R3: 1.1810