FX.co ★ EUR/USD analysis for April 26, 2022 - Potential for another drop towards 1.0640

Technical analysis:

EUR/USD has been trading downside as I expected. The price reached my first downside objective at 1.0710 and I see potential for further downside continuation.

Trading recommendation:

Due to the strong downside cycle in the background and the bear flag pattern in creation, I see potential for the downside continuation.

Watch for potential selling opportunities on the rallies with the downside objective at 1.0640.

Stochastic oscillator is showing fresh bear cross, which is sign that downside movement can be in the play.

Resistance level is set at the price of 1.0700