EUR/USD: Pair Could Plunge Even Lower
| Apr 28, 2022 05:00AM ET
Looking at EUR/USD chart, we can see the extended downtrend and the weakening of the euro for the 4th consecutive week, plunging lower and lower with no apparent ability for consolidation or support formation that can set the ground for a bounce.
Particularly this past seven days, the euro depreciated more than 3%, free-falling from the 1.09 range down to the 1.05 level and is currently traded at 1.052. Today we could pattern continuation and further fall below the 1.05 level.
If, however, it manages to hold on to the current range and consolidate, a case can be made for a bounce towards the 1.065 level.
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