The Euro Maintains Negative Stability

The euro maintains negative stability with movements that tended to negativity during the previous session, stable below the resistance level of 1.1740.

Technically, and with careful consideration on the 240-minute chart, we find the stochastic started gradually losing the bullish momentum, accompanied by the negative pressure coming from the 50-day simple moving average, which meets near 1.1780 and adds more strength to it.

Therefore, we will maintain our negative outlook, provided that we witness the breach of the psychological support level of 1.1700, targeting 1.1670 first target, and then 1.1600 following official stations.

In general, we continue to suggest the overall bearish trend as long as trading is stable below the broken support level, which is now turned into a resistance level at 1.1780, and its breach delays the chances of a decline and increases the possibility of witnessing a temporary bullish bias, targeting 1.1840.

Note The Federal Reserve’s statement and the Fed’s press conference, and we may see price volatility.

S1: 1.1670	R1: 1.1760
S2: 1.1610	R2: 1.1800
S3: 1.1575	R3: 1.1845