Yesterday after the elections in Germany on Sunday the euro showed a negative trend. It was trading in a negative diapason all day long, compared to other currency instruments. Despite the tension between the US and North Korea, investors still remain inclined to buy the US dollar and sell the EUR.
On the chart we can observe how the pair broke through the resistance level and continues its downward movement. Based on our indicators, we see that at the moment that the RSI is approaching the oversold zone and the stochastic is located below the level of 20%.
We recommend searching for entry points for short positions near the border of the channel that we pierced and establishing the take-profit order at the resistance levels. So far the dynamics for the euro remain negative, therefore it is not recommended to place long positions.
Support and resistance levels:
1.1690
1.1745
1.1780
1.1830
1.1870
