Euro is gradually declining 22/9/2023

Negative pressure continues to control the movements of the EUR/USD pair within the expected downward path, with the pair continuing the gradual decline downwards, recording its lowest level at 1.0617.

The technical outlook remains unchanged, and there has been no significant change in the pair’s movements. We notice the continued stability of the pair below the simple moving averages that support the continuation of the downward curve for prices, accompanied by clear negative signals on the Stochastic indicator on the 4-hour time frame.

From here, with daily trading remaining below the pivotal resistance of 1.0700, the bearish scenario remains the most preferable, towards the second target of the previous report, 1.0590/1.0600, knowing that breaking the aforementioned level extends the current bearish wave, leaving us waiting to touch 1.0550, the next official station.

Consolidation above 1.0700 with at least an hour candle closing can postpone the proposed bearish scenario and leading the pair to recover temporarily to retest 1.0750, and the gains may extend towards 1.0780.

Note: Today we are awaiting high-impact economic data issued by the British economy and the Eurozone, “the preliminary reading of the services and manufacturing PMI index” and we may witness high fluctuation in prices at the time of the news release.

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: 1.0620	R1: 1.0710
S2: 1.0590	R2: 1.0780
S3: 1.0540	R3: 1.0830