The euro may resume its decline 4/11/2022

Negative trading witnessed the euro’s movements against the US dollar yesterday, within the expected bearish context, touching the first to be achieved at 0.9770, to extend its losses approaching a few points from the second target of 0.9710, recording its lowest trading at 0.9730.

Technically, the simple moving averages still exert negative pressure on the price from above, in addition to stabilizing intraday trading below the resistance level of 0.8930 and, most importantly, 0.9860.

The bearish scenario is most likely today, to 0.9700/0.9710, the next official station, considering that the breach of the target level increases the negative pressure so we will wait for 0.9670.

Note: Employment data, Unemployment rate and average wages are due today in the USA and they have a high impact, and we may witness price fluctuations at the time of the news release.

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: 0.9740	R1: 0.9830
S2: 0.9670	R2: 0.9890
S3: 0.9610	R3: 0.9940