The euro continues to lose against the US dollar 23/8/2022

The euro continues to bleed losses against the US dollar, as we expected during the technical report issued yesterday, heading to touch the target price station at 0.9940, recording its lowest level during the morning session of today’s session 0.9925.

Technically, the pair is trading around pivotal areas that must be monitored. Looking at the 4-hour chart, we find the continuation of the negative crossover coming from the simple moving averages supporting the completion of the bearish directional movement.

With the pair failing to maintain trading above 1.0000, the effect of the current downside wave remains valid, targeting 0.9905, knowing that the mentioned level must be monitored well because breaking it will motivate the price to achieve more losses, opening the door to visit 0.9865 and 0.9810 as long as the price is stable below 1.0000.

Consolidation again above 1.0015 cancel the suggested scenario, and we witness attempts to form a bullish corrective attack whose first target is 1.0080.

Note: Stochastic is trading around oversold areas, and the 14-day momentum indicator is starting to send warning signals.

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: 0.9905	R1: 1.0015
S2: 0.9865	R2: 1.0080
S3: 0.9805	R3: 1.0140