The euro continues to decline 7/4/2022

The single European currency continues to move negatively against the US dollar, within the expected bearish context during the technical report issued yesterday, touching the target station of 1.0870, recording the lowest price at 1.0870.

Technically, by looking at the 240-minute chart, we notice the regularity of movement within the descending price channel, in addition to the pair’s continued movement below the simple moving averages, in addition to the pivot below the previously broken support of 1.0965.

Therefore, resuming the decline may be the most likely scenario during today’s session, knowing that breaking 1.0850 increases the strength of the bearish trend, to be waiting for 1.0800, and losses may extend later to visit 1.0750 as long as the price is stable below 1.0965.

Attempts to consolidate above the resistance level mentioned above may postpone the bearish scenario and lead the pair to regain its recovery temporarily, to retest 1.1030. Alert: Stochastic is moving within overbought intraday areas.

Note: The risk level is high.

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: 1.0850	R1: 1.0965
S2: 1.0800	R2: 1.1035
S3: 1.0740	R3: 1.1080