The Euro Extends Its Losses

The single European currency extended its losses against the US dollar, within the descending wave that started several weeks ago, heading down, as we expected, approaching the awaited 1.1300, noting that breaking the 1.1400 level is the key to extending the decline.

Technically, we find the euro settled below the 1.1400 level, confirming the breach of the 1.1445 level, accompanied by the continued negative pressure from the simple moving averages, in addition to the RSI gaining more bearish momentum.

Therefore, we maintain our negative outlook towards the next official station, 1.1300, knowing that activating the suggested bearish scenario requires daily trading to remain below 1.1445.

S1: 1.1330	R1: 1.1445
S2: 1.1290	R2: 1.1510
S3: 1.1225	R3: 1.1560