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The Euro is expected to mark an outside-weekly reversal against the US Dollar with EUR/USD plunging more than 1.3%. The price approaches support into the start of 2022 third quarter with the technical considerations highlighting the threat for further losses in the weeks ahead.
In last month’s Euro Weekly Price Forecast, traders noted that the EUR/USD recovery was testing initial resistance hurdles here into 1.08. From a trading position, a good zone to raise protective stops.
The resistance range in focus was 1.0786-1.0821- a region defined by the 38.2% Fibonacci retracement of the yearly range and the 23.6% retracement of the broader 2021 decline.
The Euro registered a high precisely at 1.0786 that very week before turning sharply lower with the decline now probing support at the yearly low-week close at 1.0409- looking for possible price inflection.
