The Euro fell yesterday, breaching the bullish trend formation started by mid last month and ending below the support of 1.1350 ending the bullish scenario which achieved its first target at 1.1405 … stability below 1.1350 – 1.1365, in addition to the negative cross of the 50 and 100 simple moving averages on the hour frame may be A hint of the possibility of continuation of the bearish trend to be targets around 1.1315 as the first target and then 1.1275 as the second target and then support 1.1235 as a third target … The selling saturation shown on Stochastic may push the pair to test the breakout mentioned before heading to the potential targets.
A return to trade above 1.1380 might end the downside and the pair could then push to test the resistance 1.1418 as the first target, which could push the pair to the second target at 1.1460 then the resistance at 1.1510 as the third target.
