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The euro’s movements against the US dollar did not witness much change, but it found a good support floor around the demand level of 1.0770.
Technically, and by looking at the 4-hour chart, we notice the continuation of movement below the resistance of the descending price channel at 1.0840/1.0830. This increases the possibility of the continuation of the bearish bias we find the stochastic started losing bullish momentum. On the other side, The pair is still trying to stabilize above the strong demand area 1.0770.
We prefer to monitor the price behavior of the pair, knowing that if the pair fails to maintain trading above 1.0770, this makes the bearish scenario more likely to visit 1.0730, and losses may extend later to visit 1.0660, provided that we witness stability in the pair below 1.0840.
If the pair manages to build on the mentioned support floor and consolidate above 1.0840, the pair will recover towards 1.0880 initially.
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: 1.0730 | R1: 1.0830 |
| S2: 1.0655 | R2: 1.0880 |
| S3: 1.1550 | R3: 1.0940 |
