Euro continues to pressure support 9/2/2023

Sideways trading tended to be negative, as the movements of EUR/USD were confined between the support of the psychological barrier of 1.0700 and the resistance level of 1.0800/1.0780.

Technically, we tend to be negative in our trading, relying on the continuation of the pair obtaining negative pressure from the simple moving averages that continue to pressure the price from above, accompanied by the continuation of the clear negative signs on the stochastic on the 4-hour time frame.

Therefore, with the stability and stability of the price below the resistance of 1.0780, and in general below 1.0800, the effect of the bearish trend will remain intact, provided that we witness a break of 1.0700 to facilitate the task required to visit 1.0665, the first target, and then 1.0630, the next waiting station.

The stability of trading during today’s session, below the resistance of the psychological barrier of 1.0800, is an essential condition for activating the suggested bearish scenario and breaching it, leading the Euro-dollar pair to recover temporarily towards 1.0840.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.0700	R1: 1.0775
S2: 1.0665	R2: 1.0840
S3: 1.0630	R3: 1.0880