The Euro Touches The Bearish Targets 27/1/2022

The single European currency succeeded in touching the goals mentioned in the previous report at 1.1220, recording its lowest level during the early trading of the current session at 1.1220.

Technically, looking at the 4-hour chart, we notice the negative pressure of the simple moving averages that support the bearish price curve, in addition to confirming the pair’s break of the 1.1270 support level, which is now turned into a resistance.

Therefore, the pair may resume the bearish trend. Knowing that the decline below the psychological barrier 1.1200 support enhances the chances of a decline to visit 1.1160, an awaited price target whose bearish targets may extend towards 1.1120.

The suggested bearish scenario depends on the stability and trading below 1.1280, and its breach may postpone the chances of a decline but does not cancel it. We should witness a temporary bullish bias that aims to retest 1.1340 before attempts to decline again.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1.1160	R1: 1.1280
S2: 1.1110	R2: 1.1340
S3: 1.1075	R3: 1.1380