The euro continues to lose against the dollar 27/4/2022

As was expected during the last report, the single European currency continued losses against the US dollar, exceeding the station required to be achieved at 1.0680, recording its lowest level at 1.0638.

Technically and by carefully considering the 4-hour chart, we notice the continuation of the negative pressure of the 50-day simple moving average. This comes in conjunction with the stability of the 14-day momentum indicator below its mid-line.

From here, and with the pair’s failure to maintain the trading level above the broken support of 1.0680 and, most importantly, 1.0710, the bearish scenario is still intact, knowing that breaking the bottom of 1.0640 extends the euro’s losses, opening the door to 1.0610, a next station that may extend its next targets towards 1.0570 as long as the price is stable below 1.0710.

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: 1.0610	R1: 1.0710
S2: 1.0570	R2: 1.0770
S3: 1.0510	R3: 1.0810