eur in downtrend near the support
since we are in a complete downtrend, and I am a fan of trend trading, I see no reason to open long positions, the euro breaks through support levels over and over again, going down lower and lower, I will enter from a rebound of the level by ~ 1.08. I expect a fall to the next strong level at 1.046. To confirm my position, I will also add a little fundamental: In the midst of the European trading session, the Markit agency will publish reports on the index of business activity in the manufacturing and services sector of the eurozone for April. I am waiting for the release of weak data, which will provoke a new wave of sales of the European currency. Rising energy prices increase the cost of production at European plants and factories, and geopolitical tensions between Russia and Ukraine have led to a reduction in exports from European corporations to these countries.Additional pressure on the euro will have a strong increase in the yield of US government bonds. The head of the US Federal Reserve, who spoke the day before, said that inflation in the United States is very high and urgent measures must be taken to resolve this issue.
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