The euro is testing support 8/6/2022

The technical outlook is unchanged, and the Euro did not change much, maintaining the bearish context against the US dollar, to pressure the strong support level at 1.0670.

Technically, and by carefully looking at the 4-hour chart, we find the pair stable below the minor resistance of 1.0730, and we notice the continuation of the negative pressure coming from the simple moving averages that constitute an obstacle that prevents the pair from rising, in addition to the negative signs that still dominate the stochastic.

From here and stabilizing the daily trading below 1.0770, the resistance represented by the 50.0% Fibonacci correction, the bearish tendency is most likely today, provided that we witness the break of 1.0670, the 61.80% correction, to facilitate the task of the decline required to target 1.0600 next price station, its targets may extend later towards 1.0570 as long as the price is stable below 1.0770.

Consolidation above the mentioned main resistance of 1.0770 will postpone the chances of a decline, and the Euro will recover temporarily to visit 1.0810.

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: 1.0645	R1: 1.0730
S2: 1.0600	R2: 1.0770
S3: 1.0570	R3: 1.0815