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The single European currency declined significantly against the US dollar, within the downside track, as we expected during the previous technical report, touching the first target to be achieved at 1.0680, to record its lowest level at 1.0660.
On the technical side today, we find the EUR/USD pair achieved some bullish rebound, as a result of touching the strong support floor at 1.0660, trying to stabilize intraday above the 1.0700 barrier; with careful consideration on the 4-hour chart, we find the pair stable below the 50-day simple moving average, in addition to trading stability below The previously broken strong support, which is now converted to the 1.0745 resistance level, represented by Fibonacci correction 61.80%, as shown on the chart, in addition to the stability of the RSI below the mid-line 50.
Therefore, we continue the bearish slope, knowing that decline below 1.0660 facilitates the task required to visit 1.0620 as the next waiting station.
The attachment of an hourly candlestick above the resistance level of 1.0745 can postpone the suggested bearish scenario and lead the Euro-dollar pair to recover, to initially retest 1.0780.
Note: Today we are awaiting high-impact economic data issued by the US economy, “the monthly producer price index,” and we may witness high volatility at the time of 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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