Euro Maintained Negative Stability Against USD 8/4/2022

The euro maintained negative stability against the US dollar, continuing its negative creep gradually after it failed to maintain trading above the 1.0965 level.

technically, by looking at the 240-min chart, the pair’s continued movement below the simple moving averages, in addition to the pivot below the previously broken support of 1.0965.

Therefore, the resumption of the decline may be the most likely scenario, and we maintain our negative outlook during today’s session, knowing that breaking 1.0850 increases the strength of the bearish trend, so we will be waiting for 1.0800, and losses may extend later to visit 1.0760 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, with the aim of retesting 1.1030.

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: 1.0920
S2: 1.0800	R2: 1.0965
S3: 1.0765	R3: 1.1020