Euro is completing the bearish directional movement 17/8/2023

Negative pressure is facing the euro-dollar pair within the expected bearish directional movement, touching the second official target to be achieved during the previous technical report, located at the price of 1.0885, recording its lowest level at 1.0861 during today’s morning trading.

On the technical side today, and with a closer look at the 240-minute chart, the simple moving averages continue their negative intersection, continuing to pressure the price from above, in addition to the stability of intraday trading below the support level of 1.0885 represented by 61.80% Fibonacci correction, as shown on the chart.

From here, with steady intraday trading below 1.0910, and in general, below the previously broken support, which has now been converted to the resistance level of 1.0955, the 61.80% correction.

The bearish scenario remains the most likely, towards the third target of the previous technical report 1.0840, and then 1.0775, the awaited official station.

The price’s consolidation once again above 1.0955 postpones the activation of the bearish scenario. Still, it does not cancel it, and we may witness a retest of 1.1000 before determining the next price destination.

Note: Today we are awaiting high-impact economic data issued by the US economy, “unemployment benefits” and 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: 1.0840	R1: 1.0910
S2: 1.0775	R2: 1.0955
S3: 1.0740	R3: 1.1000