The Euro Continues Towards Bearish Targets

The euro against was able to reach the first price target published during the previous analysis against the US dollar at 1.1220, recording its lowest level during the last trading session of 1.1225.

Technically, Stability below the simple moving averages supports the bearish curve in prices and gains solid bearish momentum, as evident on the 14-day momentum indicator.

Therefore, we are waiting for 1.1200, which constitutes our buying areas. Consequently, it should be noted that the decline below the mentioned level increases the strength of the current bearish trend so that the way is open to touch the next price bottom around 1.1145 and extends later towards 1.1100.

Activating the suggested scenario depends on the Stability of the intraday trading below the resistance level of 1.1280, and in general, below the previously broken support that turned into the resistance level of 1.1320.

S1: 1.1200	R1: 1.1280
S2: 1.1175	R2: 1.1320
S3: 1.1145	R3: 1.1370