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The euro’s attempts to stabilize above the key supply area published throughout last week’s reports at 1.1380, which represents the key to the bearish trend, pushed the pair towards the target 1.1300, recording its lowest level during the morning trading at 1.1295.
Technically, by looking at the 4-hour chart, we notice the negative pressure coming from the simple moving averages, which supports the bearish daily curve of prices and the beginning of pressure on the psychological support floor 1.1300.
There may be an opportunity to resume the decline towards 1.1265, the next target, considering that the decline below it increases the strength of the daily bearish trend towards 1.1210. The negative targets may extend later towards 1.1160 if the price is stable below the 1.1380 level, 61.80% Fibonacci correction as shown on the graph.
The rise and the confirmation of the breach of 1.1380 might nullify the bearish scenario, and the pair will recover towards the initial target 1.1450.
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: 1.1265 | R1: 1.1380 |
| S2: 1.1210 | R2: 1.1420 |
| S3: 1.1160 | R3: 1.1470 |
