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The euro’s movements against the US dollar witnessed a bearish tendency, as we expected, to the downside, to reach its lowest level during the last session’s trading at 1.1560.
Technically, the pair is now hovering near the resistance level of the psychological barrier at 1.1600. With a careful look at the 4-hour chart, we notice the continuation of the negative pressure coming from the simple moving averages, in addition to the current clear negative features on the stochastic indicator.
Therefore, we maintain our negative outlook with the daily trading remaining below the main resistance level for the current trading levels of 1.1640 represented by the 23.60% Fibonacci correction, targeting 1.1560 and 1.1500, respectively towards 1.1440.
Stability of trading above 1.1640 negates the suggested bearish scenario, and we may witness a temporary bullish bias that aims to retest 1.1690, 38.20% correction, before retracing.
| S1: 1.1565 | R1: 1.1640 |
| S2: 1.1520 | R2: 1.1680 |
| S3: 1.1440 | R3: 1.1720 |
