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The euro continues its downward trajectory against the US dollar as anticipated in the previous technical report. Trading remains below the critical resistance level of 1.0715, with the currency pair approaching the initial target of 1.0660. During today’s Asian trading session, the euro touched its lowest level at 1.0654.
Analyzing the 4-hour time frame chart, we observe that the pair is exerting pressure on the support level of 1.0660, accompanied by downward pressure from the simple moving averages, indicating the likelihood of further decline.
Intraday trading below the 1.0715 resistance level, situated around the 61.80% Fibonacci retracement, suggests a continuation of the downward movement. A breach below 1.0660 would ease the path towards 1.0620, with potential losses extending to 1.0570.
A bullish scenario would only materialize if the price manages to break above the resistance level of 1.0735. This would delay the anticipated bearish trend, potentially leading to a temporary recovery towards 1.0770 and 1.0795, representing the 50.0% correction level.
It’s important to note that today, significant economic data is expected from the US, including NFP, the Federal Reserve Committee statement, interest rate decision, and a press conference by the Chairman of the Federal Reserve. These events may trigger high volatility in prices upon their release.
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