The Euro is Witnessing Heavy Losses

The losses of the European single currency extended against the US dollar, as we expected, bypassing the second official leg of the current downside wave represented by our target 1.1300, recording its lowest level at 1.1263 during today’s Asian session.

Technically, and by looking at the chart, we notice the negative pressure of the 50-day simple moving average, which supports the bearish price curve, in addition to the stability of the RSI below the mid-line 50.

With the intraday trading remaining below 1.1370, this encourages us to maintain our negative outlook, towards 1.1245 and 1.1200, respectively. It should be noted that stochastic is moving around the oversold areas.

Rising above 1.1370 postpones the chances of a decline but does not cancel them, and we may witness a retest of 1.1440 before declining.

S1: 1.1245	R1: 1.1370
S2: 1.1190	R2: 1.1440
S3: 1.1120	R3: 1.1510