The Euro Continues Its Gradual Decline

The euro hit the resistance level at 1.1720, continuing the gradual decline against the US dollar within the expected bearish PATH, recording its lowest price during the previous trading session at 1.1665.

On the technical side, the 50-day moving average is still putting pressure on the price, in addition to the stability of trading in general below the pivotal resistance level located at 1.1760/1.1780.

Therefore, we will keep our negative outlook as they are, knowing that breaking 1.1665 will facilitate the task required to visit the official station 1.1600.

Crossing up to the resistance level 1.1760/1.1780 will postpone the chances of a decline, but it will not cancel them, and we may witness a temporary ascending path that aims to retest 1.1830.

S1: 1.1665	R1: 1.1720
S2: 1.1610	R2: 1.1780
S3: 1.1575	R3: 1.1830