FxWirePro: Daily Commodity Tracker - 21st March, 2022 
In February, as the euro reached our bullish target at 1.25 against the USD (https://www.econotimes.com/FxWirePro-Renewed-upward-momentum-might-prompt-euro-to-test-125-against-USD-1081111) , we suggested in an article, named, “FxWirePro: Euro like to rise another 200 pips in current run”, available at https://www.econotimes.com/FxWirePro-Euro-like-to-rise-another-200-pips-in-current-run-1152208 that the single currency is likely to rise by another 200 pips to test resistance around 1.27 area.
However, the euro failed to reach our stipulated target around 1.27 and has been declining after reaching 1.255 area and is currently trading at 1.218 area. The stop loss for the 200 pips trade was hit around 1.235 area. So in a subsequent call review, available at https://www.econotimes.com/FxWirePro-Call-Review-Euro-short-term-outlook-revised-from-bullish-to-bearish-targeting-117-1178120 we suggested,
“We would like to urge our readers to go short on the euro at the current rate of 1.218 against the USD and at rallies with a target around 1.17 area. The stop loss for this trade should be maintained around 1.255 area for the time being, which could be lowered later on.”
Since our last review in mid-April, where we suggested that the euro remains trapped in Bull/Bear fight and it is vital for the bears to take out key support around 1.216 area, the euro has declined and currently testing the key support as it trades around 1.217 area.
We would like to urge our readers to maintain short positions in the euro as we expect the European Central Bank (ECB) President Mario Draghi to talks down the euro with dovish commentaries, which should help to break the key support.
