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The EUR/USD pair is experiencing a decline for the second consecutive session, opening the morning session under pressure at the psychological support level of 1.1700, indicating continued short-term selling pressure.
Technical Outlook – 4-Hour Timeframe:
In terms of intraday movements, the pair continues to trade below the simple moving averages, which are acting as dynamic resistance and supporting the continuation of the downtrend.
Conversely, the Relative Strength Index (RSI) is showing some positive signals, coinciding with the price finding support at an ascending support line. This could limit further declines and support the possibility of a temporary rebound.
Likely Scenario:
Price stability above 1.1680 could support a temporary upward correction. If the pair manages to hold above 1.1715, this could trigger an upward move towards:
- 1.1745 as the first target
- 1.1770 as the next level
Conversely, an hourly candle closing below 1.1675 could strengthen selling pressure and open the way towards:
- 1.1645 as the first target
- 1.1600 as the next level
Note: Today, April 23, 2026, the market is bracing for high-impact economic data, specifically the Flash Manufacturing and Services PMI figures for the Eurozone and the US. Additionally, traders are closely monitoring the Unemployment Claims release and the ongoing US-Iran ceasefire negotiations, which could drive significant volatility in the pair.
Caution: The risk level is high amid ongoing trade and geopolitical tensions, and all scenarios remain possible.
Risk Disclaimer: Trading CFDs involves risks, and therefore the scenarios outlined above are not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.1675 | R1: 1.1745 |
| S2: 1.1645 | R2: 1.1790 |
| S3: 1.1600 | R3: 1.1820 |
