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The single European currency faced intense selling pressure at the end of last week’s trading within the bearish context, as we expected, touching the second official leg of the current downside wave at 1.1700, recording the lowest level at 1.1708.
Technically, the negative pressure coming from the 50-day moving average meets around the resistance level of 1.1760 and adds more strength to it, in addition to the pair continuing to receive negative signals from the RSI.
Therefore, we maintain our negative outlook, knowing that confirming the breach of the psychological support level of 1.1700 facilitates the task required to visit 1.1670, a first target, and then 1.1610 a subsequent station.
Rising again above the previously broken support-into-resistance at 1.1760 delays the chances of a decline but does not cancel it, and we may witness a retest of 1.1800 before retracing. In general, the overall trend is to the downside as long as trading is stable below 1.1880.
| S1: 1.1670 | R1: 1.1760 |
| S2: 1.1610 | R2: 1.1800 |
| S3: 1.1575 | R3: 1.1845 |
