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The technical outlook is unchanged, and the euro’s movements did not change significantly against the US dollar for the third consecutive session, maintaining the negative stability.
Technically, the euro retested the previously broken support level at 1.1570/1.1560, and the intraday movements are witnessing stability below the mentioned level.
By looking at the chart, we find the 50-day moving average that is still pressing the price from above and the stability of the intraday trading below 1.1600, and most importantly, 1.1640 Fibonacci correction of 23.60%.
Therefore, we maintain our negative outlook towards the target of the current downside wave 1.1500, breaking it increases the strength of the bearish trend, so we will be waiting for 1.1450 and 1.1420, respectively.
Note: NFP is due today and may witness market volatility.
| S1: 1.1500 | R1: 1.1600 |
| S2: 1.1450 | R2: 1.1640 |
| S3: 1.1390 | R3: 1.1680 |
