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EURUSD failed to stabilize for a long time above the resistance level of the psychological barrier 1.0900, to return to negativity significantly during the previous trading session, within the expected bearish context in the last analysis, touching the first official target of 1.0840, recording its lowest level at 1.0833.
Technically, and by looking at the 4-hour chart, we find that the simple moving averages continue to pressure the price from above, in addition to the stability of intraday trading below 1.0875 represented by 61.80% Fibonacci correction, as shown on the 4-hour chart.
Therefore, we hold onto our negative expectations, continuing towards the second target of the previous report 1.0800, considering that the official target is around 1.0775, and the losses may extend later towards 1.0730.
The price’s consolidation once again above 1.0910 postpones the chances of a decline but does not cancel it. We may witness a re-test of the main resistance of the current trading levels 1.0955, the 50.0% retracement. We must be careful that rising to 1.0955 can thwart the current downside wave, and the pair begins to recover temporarily to visit 1.1000 and 1.1030. respectively.
Note: Today we are waiting for high-impact economic data issued by the US economy and England, such as “Services and Manufacturing PMI”, and from Canada, later in today’s session, we are waiting for “Retail Sales” in addition to the summit of the “BRICS” group We may witness high price volatility.
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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