The Euro Extends Its Losses Against The Dollar.

The bearish trend continues to dominate the euro’s movements against the US dollar within the expected negative outlook in the last report, touching the official target at 1.1780.

Technically, and with careful consideration on the 4-hour chart, we find the 50-day simple moving average that continues to pressure the price from the top and meets near the pivotal resistance 1.1880 and adds more strength to it; this comes in conjunction with the stability of the RSI below the line the middle.

From here and steadily intraday trading below 1.1830 and in general below the previously broken support that turned into the 1.1885 resistance level, the 61.80% Fibonacci correction, that encourages us to keep our negative outlook, knowing that confirming the break of 1.1780 facilitates the task required to visit 1.1745, and then 1.1710 is the next official station.

To remind that the stability again above 1.1880/1.1885 postpones the chances of a decline but does not cancel them, and we may witness a slight bullish slope that aims to retest 1.1930.

S1: 1.1770	R1: 1.1830
S2: 1.1745	R2: 1.1885
S3: 1.1705	R3: 1.1930