The Euro Continues to Move Quietly to The Downside

The euro’s trading tended to the negative and it is still maintaining its bearish path against the US dollar for the third consecutive session, within the same technical conditions.

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 expectations, 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 Fibonacci corrections of 23.60%, and its breach will postpone the suggested bearish scenario, and we may witness a slight bullish slope that aims to retest 1.1690 & 1.1720 before retracing again.

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