Euro continues to suffer losses 28/9/2023

The euro continues to suffer losses against the US dollar within the expected downward trend during the previous technical report, touching the official target station at 1.0515, recording its lowest level at 1.0488.

Technically, and with a closer look at the 240-minute time frame chart, we notice that the pair continues to receive negative pressure from the simple moving averages, in addition to the momentary stability below the 1.0550 resistance level, the previously broken support that has been converted into a resistance level according to the concept of exchanging roles.

From here, with steady trading below 1.0555 and in general, below the resistance of the psychological barrier 1.0600, the downward directional movement remains the most likely, targeting 1.0470 as the first target and breaking it increases and accelerating the strength of the downward trend, opening the door directly towards 1.0430.

As a reminder, the attempt to hold the price above 1.0600 postpones the chances of a decline, and we may witness a retest of 1.0650/1.0640 before declining again.

Note: Today we are awaiting high-impact economic data issued by the American economy, the final reading of the gross domestic product and Federal Reserve Chairman Jerome Powell’s speech, and 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.

S1: 1.0470	R1: 1.0555
S2: 1.0435	R2: 1.0610
S3: 1.0385	R3: 1.0650