The euro continues to decline to the downside

The single European currency continues to creep negatively against the US dollar, within the expected bearish context, gradually approaching the first target of 1.1500, recording its lowest price at 1.1524.

Technically, the current moves are witnessing a slight bullish slope due to the positive signals coming from the RSI on the short time frames.

The daily trend is still bearish, targeting 1.1500, knowing that breaking the mentioned level will facilitate the task required to visit 1.1420 as the next official station.

Activating the suggested bearish scenario depends on the stability of daily trading below 1.1600/1.1580. Trading above 1.1600 can thwart the bearish scenario and the euro may recover, with the first target of 1.1640 a 23.60% Fibonacci correction as shown on the chart.

S1: 1.1540	R1: 1.1600
S2: 1.1500	R2: 1.1640
S3: 1.1420	R3: 1.1680