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Negative trading dominated the euro’s movements against the US dollar during the previous trading session. It failed to breach the pivotal resistance level at 1.1880, which forced it to trade negatively to retest the 1.1845 support level.
On the technical side today, we find the euro starting to press on the 1.1845/1.1840 support level, and we find the 50-day moving average that supports the idea of a bearish bias in the upcoming hours, in addition to the RSI losing the bullish momentum on the short time intervals.
Therefore, we tend to the negativity, targeting 1.1800 first target, considering that breaking the latter extends the pair’s losses so that the way is open towards 1.1765 next target.
Only from above, trading has returned to stability above 1.1880 represented by the 61.80% Fibonacci correction as shown on the chart, capable of completely thwarting the bearish scenario, and the pair recovers with a direct target of 1.1975, 50.0% correction.
| S1: 1.1800 | R1: 1.1880 |
| S2: 1.1765 | R2: 1.1920 |
| S3: 1.1720 | R3: 1.1975 |
