The Euro is Pressing on Support 7/1/2022

Sideways bias dominates the movements of the EURUSD, between 1.1280 and 1.1350, and the negativity remains.

Technically, and carefully looking at the 240-minute chart, we notice that the 50-day moving average is still a negative pressure factor on the price, accompanied by the clear negative features on the stochastic indicator.

As long as trading is stable below the key supply area located at 1.1380, the bearish scenario will most likely remain. Knowing that the decline below the 1.1270 support floor facilitates the task required to visit 1.1220 negativity may extend towards 1.1160.

We remind you that activating the above-mentioned scenario requires stability of daily trading below 1.1380, and penetrating it may stop the bearish bias. After that, the pair may recover again, heading towards 1.1420 and 1.1465 next price stop.

Note: US Jobs Data, average wages, and US unemployment rates are due today and may cause volatility.

S1: 1.1270	R1: 1.1360
S2: 1.1220	R2: 1.1420
S3: 1.1160	R3: 1.1465