The euro achieves the bearish goals 13/6/2022

A strong bearish trend dominated the movements of the euro against the US dollar within the expected negative outlook, reaching the official target at 1.0520, recording its lowest level during the first trading of this week at 1.0475.

Technically, looking at the 240-minute chart, we notice the pair’s failure to maintain stability above 1.0520. We also find the simple moving averages continuing their negative pressure on the price from above to reinforce the continuation of the bearish price curve.

Therefore, the bearish scenario is the most preferred today, targeting 1.0430 next station, and breaking it will extend the pair’s losses, opening the door to visit 1.0370 as long as the price is stable below 1.0550, 23.60% correction, and most importantly 1.0600

Rising above 1.0590 again increases the possibility of retesting 1.0670, 38.20% correction before falling again.

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: 1.0425	R1: 1.0590
S2: 1.0370	R2: 1.0700
S3: 1.0260	R3: 1.0770