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The euro fluctuated significantly during the previous trading session, within the expected technical outlook, touching the first target to be achieved at 1.0570, recording its lowest level at 1.0575.
On the technical side today, EURUSD is trading intraday below the previously broken support level at 1.0630, accompanied by the negative pressure coming from the 50-day simple moving average, which meets near 1.0680 and adds more strength to it, stimulated by the clear negative signs on the 14-day momentum indicator.
Therefore, the bearish scenario remains valid and effective, targeting 1.0575. The decline below the mentioned level facilitates the downside correctional mission to visit 1.0515 50.0% Fibonacci correction, as shown on the 4-hour chart.
Closing the 4-hour candle again above 1.0630 leads the Eurodollar pair to retest 1.0680. Therefore, we suggest the general bearish trend in the short term as long as trading remains stable below 1.0745, the 61.80% correction.
Note: Today we are awaiting important economic data issued by the US economy “primary personal consumption expenditure,” and we may witness a high fluctuation in prices at the time of the news release.
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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