Euro is testing resistance, negativity remains 27/9/2022

The general bearish directional movement still dominates the movements of Euro against USD within weak bullish attempts that targeted a retest of 0.9700, and it returns to trading negatively again.

On the technical side, with a closer look at the 240-minute chart, we find that the negative crossover of the moving averages is still an obstacle for the pair, in addition to the negative signals coming from the RSI.

From here, and with the stability of the daily trading below the previously broken support and now turned into a pivotal resistance level, the bearish trend remains valid and active, targeting 0.9550 first target and then 0.9500 next waiting station.

Activating the suggested scenario requires consolidation below 0.9715/0.9710, knowing that its breach temporarily allows the pair to recover towards 0.9790.

Note: Markets are still unstable, and we may see random moves.

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: 0.9555	R1: 0.9715
S2: 0.9475	R2: 0.9790
S3: 0.9395	R3: 0.9875