FX.co ★ EUR/USD analysis for April 15, 2022 - Potential for another drop

Technical analysis:

EUR/USD has been trading downside as I expected. The price tested and rejected of the support at 1.0760. Anyway, I still see potential for the downside movement and another drop.

Trading recommendation:

Due to strong supply in the background and the downside trend, I see potential for further downside movement.

Watch for selling opportunities on the rallies with the downside objectives at 1.0760 and 1.0675.

MACD oscillator is showing negative reading with no signs for the reversal.

Stochastic oscillator is showing fresh bear cross, which is another indication for further downside movement.

Resistance is set at the price of 1.0835