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The single European currency recorded its highest level against the US currency during yesterday’s trading session at 1.0033 to find a strong resistance level; as we explained during the last analysis that 1.0030 represents a strong supply point, which forced the pair to return to the bearish bias.
On the technical side today, we expect that the daily bias is still bearish, based on the return of the intraday stability below 1.0000 and, most importantly, below 1.0030, in addition to stochastic losing the bullish momentum on the 240-minute time frame.
Therefore, the bearish scenario remains the most likely, targeting 0.9930, considering that the decline below the mentioned level facilitates the task required to complete the objectives of the last analysis at 0.9875 initially, and it may extend later towards 0.9840.
Breaking above and consolidating above 1.0030 will stop the suggested scenario and temporarily lead the euro to recover, with the first target of 1.0080.
Note: Throughout today’s session, the “Jackson Hole” economic forum is being held, and it has an essential impact on the markets, and we may witness random movements.
Note: We are awaiting the speech of “Jerome Powell” Chairman of the Federal Reserve later in today’s session, during “Jackson Hole” 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.
| S1: 0.9930 | R1: 1.0020 |
| S2: 0.9875 | R2: 1.0080 |
| S3: 0.9840 | R3: 1.0120 |
