Euro is stable below the parity point 2/11/2022

The single European currency found a good demand area around the posted level during the last analysis at 0.9850 within the bullish rebound attempts that are still limited.

Technically, and carefully considering the 4-hour chart, we find the euro is still stable below the parity point against the US dollar, which meets at the resistance level of 1.0000, in addition to the price stability below the 50-day simple moving average.

Therefore, the bearish scenario is most likely today, knowing that the decline below 0.9850 facilitates the task required to visit 0.9795 and 0.9745, respectively.

Consolidation above 1.0000 can stop the bearish scenario temporarily, and we are witnessing a bullish bias whose initial targets start at 1.0070/1.0050.

Note: Investors will monitor the central bank’s statement and Fed Chair Jerome Powell’s press conference. They have

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: 0.9845	R1: 0.9945
S2: 0.9795	R2: 1.0000
S3: 0.9740	R3: 1.0050