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Yesterday, the euro/dollar pair broke the support level of 1.1700 to reach the next support level located at 1.1650. After that, the pair showed a rise.
Yesterday, there were several signals that pointed to the development of the downward movement. Let's take a close look at them.
First of all, I would like to emphasize a gradual downward movement of the price that began last week. This proved that the number of short deals (sell deals) exceeded the number of long deals.
We also should take into account that the euro/dollar pair broke such levels as 1.1810 and 1.1700. This led to the strengthening of the descending interest.
From October 28 to October 29, the pair was hovering within the levels of 1.1743/1.1760. A break of the lower limit of the range became a signal to open sell positions.
Notably, news flow also has a significant influence on the single currency. Thus, the skyrocketing number of new virus cases made the EU introduce new restrictive measures. This will surely have a negative effect on the economy.
At the moment, we can see that the recovery process from the support level of 1.1650 has almost come to an end. Bearish sentiment still prevails in the market.
It is quite possible that bears' target is to reach the low of 1.1650 logged yesterday. This level also acts as support. If the euro/dollar pair breaks the mentioned level, it may fall even deeper to the support level of 1.1612 that was hit in September.
Summing up, we can say that market participants expect the euro to go on losing in value.
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