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The EURUSD pair started its first weekly trading on a bearish slope, after finding a strong resistance level around 1.0400, below the strong demand point indicated at 1.0270, explaining that the decline below the mentioned level puts the pair under negative pressure; its first target is 1.0200, recording its lowest level. Yesterday 1.0222.
Technically, we tend in our trading to continue the bearish tendency that started yesterday, relying on the price’s stability below the 50-day simple moving average, in addition to confirming the pair’s breach of the pivotal support floor 1.0270, which is hovering around it now, represented by the 38.20% Fibonacci correction.
Therefore, the resumption of the decline is most likely today, targeting 1.0200/1.0210, knowing that breaking the level above will extend the pair’s losses, so we will be waiting for 1.0160 as a next waiting station, whose targets may extend later towards 1.0120.
Crossing to the upside and consolidating again above 1.0330 postpones the chances of a downside move and leads the pair to an upward path that aims to retest 1.0385.
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: 1.0210 | R1: 1.0330 |
| S2: 1.0160 | R2: 1.0385 |
| S3: 1.0100 | R3: 1.0435 |
