Euro is trying to build above the support 27/3/2023

Mixed trades tended to be negative, dominating the movements of the euro-dollar pair within the attempts to recover the euro against the US dollar, recording its highest level at 1.0840, heading towards a decline quickly to activate the bearish scenario, explaining that the decline below 1.0785 is capable of postponing the suggested bullish scenario. As a result, we are witnessing a re-test of 1.0745, Fibonacci correction of 61.80%, recording Its lowest level is 1.0713.

Technically, the current movements of the Euro-dollar pair are witnessing stability again above the support level of 1.0745, Fibonacci correction of 61.80%, as shown on the 4-hour chart, and we find the simple moving average is still holding the price from below. It meets near 1.0730, adding more strength to it and Stochastic attempts to gain additional momentum to push the price to the upside.

We tend to be positive, but with caution, knowing that crossing to the upside and rising above 1.0840 can push the pair to enter a rising wave, with initial targets starting at 1.0900 and later extending towards 1.0965 & 1.1010.

From below, confirmation of breaking 1.0685 will immediately stop the bullish bias and put the pair under negative pressure, targeting 1.0650 & 1.0620.

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: 1.0710	R1: 1.0840
S2: 1.0650	R2: 1.0900
S3: 1.0580	R3: 1.0965