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The bearish trend continues to control the movements of the Euro-dollar pair within the expected negative technical outlook during the previous technical report, touching the first official stop at 1.0800, heading to visit the official target required for the current descending wave at 1.0775, recording the lowest trading at 1.0777 during the morning session of today’s trading session.
On the technical side, by looking at the 4-hour chart, the pair’s intraday movements are witnessing stability around the session’s low 1.0777, with the continuation of the negative intersection of the simple moving averages, in addition to the pair breaking the floor of the support of the psychological barrier 1.0800, confirming the breach of 1.0885, 61.80% Fibonacci correction.
Therefore, we hold onto our negative expectations towards the targets of the current bearish wave, and breaking 1.0775 increases, accelerates, and confirms the strength of the bearish trend, paving the way towards 1.0745 & 1.0715, following targets that may extend later to visit 1.0655.
From above, it crossed upwards, and the price consolidated above 1.0850, and most importantly 1.0885, which will stop the bearish scenario and lead the pair to recovery attempts, aiming to retest 1.0900 and 1.0955, the 50.0% correction, before determining the next price destination.
Note: Today we are awaiting economic data from “Jackson Hole Economic Forum”, “Speech by Lagarde, President of the European Central Bank” and “American Consumer Confidence from the University of Michigan”, and we may witness 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.
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