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Negative trades dominated the movements of the euro-dollar pair within the expected general bearish path, in which we relied on the stability of intraday trading below the 1.1000 level, and in general, below the main resistance of 1.1030, recording its lowest level during the morning trading of the current session at 1.0932.
On the technical side today, and with a closer look at the 240-minute chart, we find that the simple moving averages continue to pressure the price from above, and support the daily bearish price curve, in addition to the price’s decline below 1.0955, represented by 50.0% Fibonacci correction, as shown on the chart.
From here, with trading steadily below 1.1000, the bearish scenario remains the most likely, continuing towards the second target of the previous technical report, 1.0885, the correction of 61.80%. Care must be taken around this level due to its importance to the general trend in the short term. Breaking it increases and accelerates the bearish trend’s strength, awaiting a touch at 1.0845. A next official station that may extend its negative targets later to visit 1.0780.
The price’s consolidation once again above 1.1000 postpones the chances of a decline but does not cancel it, and we may witness a re-test of 1.1030 and 1.1060 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.
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