Euro still below resistance 30/10/2023

At the conclusion of last week’s trading, the EUR/USD pair exhibited a mixed performance, characterized by limited positive attempts. Notably, the pair struggled to breach the psychological barrier resistance level of 1.0600, remaining stable below it and reaching its highest point at 1.0597.

A closer technical analysis on the 4-hour timeframe chart reveals the pair’s persistent struggle beneath the aforementioned resistance level of 1.0600. The pair faces hindrance from the simple moving averages, and the Stochastic indicator displays clear negative signals.

As long as the daily trading continues below 1.0600, a bearish bias prevails. The pair’s targets are set at 1.0530 as the initial objective, followed by 1.0500. It’s essential to note that breaching the 1.0500 level would pave the way for a visit to 1.0465, a crucial level eagerly anticipated by market participants.

Conversely, a shift in momentum would require the pair to establish stability and consolidate above 1.0600. This scenario would promptly halt the proposed bearish outlook, potentially enabling the pair to recover and retest 1.0640, which corresponds to the 23.60% Fibonacci retracement, and subsequently aim for 1.0670. Market participants should closely monitor these key levels as they navigate their trading strategies in the coming sessions.

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: 1.0530	R1: 1.0600
S2: 1.0500	R2: 1.0640
S3: 1.0465	R3: 1.0670