Today’s forecast of EUR/USD
| Daily chart： | Downtrend |
|---|---|
| 4-hours chart： | Downtrend |
| 1-hours chart： | Downtrend |
Overview
EUR/USD started a downside correction from 1.0364 and reached to 1.0122 on AUG 16.
And bounced off to 1.0202 but it started again a downside correction from 1.020 and went down to near 1.00 support.
EUR/USD 4-hour Technical Analysis
Looking at 4-hour chart,
A price goes down below 200 Day Moving Average and reached to near 1.010 and It was made up of Big Bearish Candlestick yesterday.
The factor is that Amidst the alarm of a serious energy crisis in the Eurozone,It’s concerned the economic deterioration in the region due to high inflation.
EUR/USD 1-hour Technical Analysis
Looking at 1-hour chart,
A ranging market is continued for 2 days but It was broken below 1.0150 support Yesterday.
Therefore , It went over lowest price which reached on AUG 16.
Trade ideas
Since a price went over 1.0100 support, wait for the market to continue moving down, after the pullback until previous support now acting like resistance.
It may not return to the previous resistance line and it may continue to go down.
