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Mixed trading dominated the movements of the euro-dollar pair during the previous session’s trading, as the pair failed to stabilize for a long time above the psychological barrier of 1.1000, forcing it to retreat to retest the support level currently hovering around it at 1.0940.
On the technical side today, by looking at the 240-minute chart, we find the 50-day simple moving average still carries the price from below. On the other hand, we find the RSI and stochastic providing negative signals that may stop the bullish bias.
We tend to be negative, but with caution, targeting a retest of 1.0900 as a first target, then 1.0860 as a next station, and the price behavior should be closely monitored around 1.0860, due to its importance for the general trend in the short term.
From above, the return of trading stability above the resistance of the psychological barrier 1.1000 negates the activation of the bearish bias, and leads the Euro-dollar pair to complete the bullish path towards 1.1075.
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.
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