Euro continues its gradual decline 15/9/2022

Limited positive attempts dominated the euro’s movements against the US dollar, and it failed to maintain these gains above the parity point 1.0000, to start declining again, maintaining the same technical conditions of the previous report.

Technically, the simple moving averages are still pressing the price from above, in addition to the stability of the intraday trading below 1.0060, and most importantly, below the strong resistance 1.0080.

The mentioned technical factors increase the possibility of the euro returning to the official descending path to visit the bottom of 0.9900. It should be noted that breaking the said level increases the strength of the bearish trend, opening the door to visit 0.9875 and 0.9810.

From above, in case the pair consolidates above the broken support of 1.0080, we may witness a temporary recovery that aims to retest 1.0130 before determining the next price destination.

Note: “US Retail Sales” data is due to be released and has a meaningful impact, and we may see high volatility in prices.

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: 0.9910	R1: 1.0015
S2: 0.9875	R2: 1.0055
S3: 0.9810	R3: 1.0085