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The resistance levels mentioned in the previous analysis at 1.1840 were able to limit the bullish bias witnessed by the euro at the end of last week’s trading, forcing it to retest the first target of 1.1800.
On the technical side today, the intraday stability is below the resistance level of 1.1840/1.1850 that supports the possibility of continuing the decline, in addition to the clear negative signs on the stochastic indicator.
Therefore, we will maintain our negative outlook, knowing that confirming the breach of the psychological barrier of 1.1800 facilitates the task required to visit the first target 1.1765, and breaking it will extend the euro’s losses to 1.1720, the next target.
In general, we continue to suggest the overall bearish trend as long as trading is stable below the pivotal resistance 1.1885 represented by the 61.80% Fibonacci correction.
| S1: 1.1765 | R1: 1.1850 |
| S2: 1.1720 | R2: 1.1880 |
| S3: 1.1670 | R3: 1.1930 |
