The Euro Continues its Decline 22/3/2022

The single European currency was able to achieve the target required to be touched during the technical analysis of yesterday’s session, which is located at the price of 1.0990, recording its lowest price during the Asian session of the current session at 1.0981.

Technically, today, and with a careful study of the four-hour chart, we notice the continuation of the negative pressure coming from the simple moving averages. Furthermore, the 50-day moving average converges around 1.1040 and the stochastic losing the bullish momentum.

Therefore, our expectations for continuing the bearish trend are still intact, complete towards the second target 1.0960, 1.0920 and 1.0875, awaiting the official stations as long as the price is stable below 1.1050 and most importantly 1.1100.

Note: the level of risk is high, and we may see random movements.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.0960	R1: 1.1050
S2: 1.0920	R2: 1.1100
S3: 1.0870	R3: 1.1140