The euro continues to move negatively 13/4/2022

The single European currency slowly moves to the downside within the expected bearish path. It begins by pressing the support level published during the previous analysis, at 1.0830.

Technically, there is a possibility of resuming the bearish trend, with the continuation of the negative pressure of the simple moving averages and the stability of the 14-day momentum indicator below the mid-line 50.

Therefore, we maintain our negative outlook, noting that the pair’s stability below 1.0830 extends the losses towards the next target of 1.0775/1.0785, an initial station, and the price behavior of the pair must be monitored around this level due to its importance to the general trend in the short term, and breaking it opens the door to visit 1.0745 initially.

Activating the suggested scenario depends on the stability of the daily trading below the resistance level of the psychological barrier 1.0900 and, most importantly, 1.0930, knowing that the breach up to the level of 1.0930 delays the downside opportunities but does not cancel them, and we may witness a retest of 1.0975 before attempting to descend 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: 1.0785	R1: 1.0900
S2: 1.0745	R2: 1.0975
S3: 1.0675	R3: 1.1030