The Euro Continues to Decline Against The Dollar

The resistance levels published during the previous analysis, at 1.1640, were able to cap the attempts to rise in the euro against the US dollar, which forced it to decline again.

Technically, and by looking at the 4-hour chart, we notice the continuation of the negative pressure coming from the simple moving averages, and this comes in conjunction with the clear negative features on the stochastic indicator.

Therefore, we maintain our negative outlook, targeting 1.1560, a first target, taking into consideration that the breach of the target level increases the selling pressure on the pair, paving the way to visit 1.1500, the next official station for the current downside wave.

Activating the above suggested bearish scenario requires trading to remain below 1.1640, and its breach will postpone the suggested bearish scenario. We may witness a slight bullish slope that aims to retest 1.1670 & 1.1720 before retracing.

S1: 1.1560	R1: 1.1635
S2: 1.1510	R2: 1.1670
S3: 1.1475	R3: 1.1720