EUR/USD managed to recover from under 1.1800 area. The pair posted gains but couldn’t hold above 50-SMA on the 4-hour chart. The forecast for the pair is still to the downside. The EUR/USD currency pair on Thursday, July 8, continued to trade very calmly, maintaining a downtrend. A day earlier, the bears managed to lower the pair to the level of 1.1780 but failed to overcome it. An upward rebound followed, and a new round of correction started. Even though the pair continues to decline in the last two weeks, during this time, it has lost only 150-160 points. All in all, within the framework of the last round of the global correction, almost 500 points were lost in a month and a half. Much of that distance, of course, was bridged in the days that the Fed took stock of its last meeting. Thus, it turns out that in the last month and a half, the EUR/USD pair has simply been corrected and may complete this correction at any time. The European currency is winning back losses against the dollar after three trading sessions of decline. Today, market participants drew attention to the decision of the Board of Governors of the European Central Bank to raise the medium-term inflation target for monetary policy to 2%. Previously, the inflation target for the regulator was below 2%. Get FREE Crypto Signals Now! The dynamics of the EUR/USD pair was influenced by reports from Germany. The volume of exports in May increased by 0.3% against the forecast of 0.6%. On the other hand, the volume of imports increased by 3.4% after falling by 1.4% in April; experts expected an increase of 0.4%. ECB’s Lagarde has to deliver a speech today. The markets can find fresh impetus from the event. EUR/USD technical forecast: Downtrend to continue The EUR/USD currency pair is paring off yesterday’s gains. The day before, the Euro fell below 1.18 for the first time since the beginning of April. The relative strength indicator on the four-hour chart is recovering to the neutral zone. The downtrend line is limiting the growth of quotes. The recent upside move was rejected by the 50-period SMA on the 4-hour chart. However, the volume is still supportive of the upside. But this is still a big question of whether the price will break yesterday’s highs or not. So, the path of least resistance still lies on the downside. Thus, the EUR/USD forecast for July 9 assumes the resumption of the downward movement with the price-fixing below the level of 1.18. 4-hour chart of EUR/USD Support levels: S1 – 1.1780 S2 – 1.1719 S3 – 1.1658 Resistance levels: R1 – 1.1841 R2 – 1.1902 R3 – 1.1963 Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal EUR/USD Daily share Read Next GBP/USD: More odds for breaking 1.3700 Saqib Iqbal 1 year EUR/USD managed to recover from under 1.1800 area. The pair posted gains but couldn't hold above 50-SMA on the 4-hour chart. The forecast for the pair is still to the downside. The EUR/USD currency pair on Thursday, July 8, continued to trade very calmly, maintaining a downtrend. A day earlier, the bears managed to lower the pair to the level of 1.1780 but failed to overcome it. An upward rebound followed, and a new round of correction started. Even though the pair continues to decline in the last two weeks, during this time, it has lost only… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.