The Euro Touches The Target And Extends Its Losses Against The Dollar

The euro declined noticeably against the US dollar during the last trading session, within the bearish context, as we expected, touching the first target 1.1560, approaching by a few points, at the second target 1.1500, to settle for recording the lowest price of 1.1525.

Technically, and by looking at the 4-hour chart, we notice that the pair continues to obtain negative pressure from the simple moving averages. The 50-day average meets around the resistance level of the psychological barrier 1.1600. It adds more strength to it, in addition to the RSI’s continued defense of the daily bearish trend is stable below the 50 mid-line.

Therefore, we will maintain our negative outlook towards the second target of the previous report, 1.1500, considering that breaking the mentioned level and accelerating the strength of the daily bearish trend so that we will be waiting for 1.1440 and 1.1400 next official stations.

In general, we will continue to suggest the bearish trend unless we witness stability in the price above 1.1600, and most importantly, 1.1640 represented by the 23.60% Fibonacci correction as shown on the chart.

Note: TUS employment data is due today, and we may witness high volatility in prices.

S1: 1.1500	R1: 1.1600
S2: 1.1440	R2: 1.1640
S3: 1.1400	R3: 1.1690