Euro May Retest Resistance 11/4/2022

The euro continues its negative movements against the US dollar within the expected bearish context, approaching the target during the last analysis, at 1.0820, recording the lowest level at 1.0836.

Technically today, and by looking at the 4-hour chart, we notice the continuation of the movement below the 50-day moving average, which constitutes an obstacle in front of the pair, and it meets near the resistance level 1.0960. On the other hand, we find stochastic is trying to provide positive signals, trying to get additional momentum that might support the possibility of witnessing a temporary bullish slope before resuming the decline.

Therefore, in the coming hours, we may witness a retest of 1.0930, a first target, knowing that its breach is a catalyst that increases the possibility of touching 1.0960 before resuming the decline again.

Note: the temporary bullish bias does not contradict the general bearish trend, with initial targets are around 1.0775, once the breach of 1.0840 is confirmed.

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: 1.0825	R1: 1.0930
S2: 1.0775	R2: 1.0985
S3: 1.0730	R3: 1.1030