The euro touches the extended bearish target 29/4/2022

According to our expectations during the last analysis, it managed to touch the target price station at 1.0570, to extend its losses towards the low of 1.0470, the lowest level in several years.

Technically and by looking at the 240-minute chart, we notice the movement within the bearish price channel shown on the chart after the euro succeeded in breaking 1.0550, confirming the break of 1.0600 and the continuation of the negative pressure of the 50-day moving average.

Therefore, the bearish scenario remains valid, provided that we witness a breach of the 1.0460 low, and that increases and confirms the strength of the daily bearish trend, so we are waiting for 1.0410, and losses may extend later to visit 1.0370 as long as the price is stable below 1.0600.

Rising above the psychological barrier of 1.0600 will postpone the chances of a decline, but it does not cancel them, and we may witness attempts for a temporary recovery towards 1.0650.

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: 1.0460	R1: 1.0555
S2: 1.0410	R2: 1.0605
S3: 1.0370	R3: 1.0650