Euro trying to get positive signals 11/10/2023

The technical outlook remains unchanged, and there has been no significant change in the movements of the EUR/USD pair as part of the continued attempts to gradually rise upward within the expected bullish context, recording its highest level at 1.0620.

Technically, and with a closer look at the 4-hour time frame chart, we find that the EUR/USD pair achieved immediate stability above 1.0550. In general it achieved a base on the support floor of 1.0500. The simple moving averages returned to hold the price from below and support the possibility of an increase, in addition to the clear positive signs, on the 14-day momentum indicator.

We tend to be positive, knowing that crossing upwards and rising above 1.0600 may extend the pair’s gains, as we wait to touch 1.0640 and 1.0680, respectively.

Below 1.0500, and most importantly, 1.0480, will stop attempts to rise immediately, and the downward trend will return to controlling the pair’s movements, with targets starting at 1.0440 and 1.0380.

Note: The Stochastic indicator is around overbought areas and we may witness some fluctuation until the required official direction is obtained.

Note: Today we are awaiting high-impact economic data issued by the American economy, Producer Price Index and Results of the Federal Reserve Committee Meeting, and we may witness high volatility when the news is released.

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: 1.0500	R1: 1.0620
S2: 1.0440	R2: 1.0670
S3: 1.0380	R3: 1.0740