Euro breaks resistance and positivity remains 24/10/2023

After several successive sessions of movement within a sideways price range, the euro succeeded in confirming the breach of the resistance of the psychological barrier 1.0600, heading to touch the official target required to be achieved during the previous technical report at the price of 1.0670, recording its highest level of 1.0687 during the morning trading of today’s session.

Technically, and with a closer look at the 4-hour time frame chart, the simple moving averages support the resumption of the upward trend. In addition, they confirm the pair’s breach of the psychological barrier resistance-into-support level of 1.0600.

With daily trading above 1.0600, the upward trend will likely continue during today’s trading session, targeting 1.0720 as the first target. Breaching it enhances the chances of visiting 1.0765, and the gains may later extend towards 1.0810.

From below, closing at least an hour candle below 1.0600 will immediately stop the expected upward trend and put the pair under negative pressure again to retest 1.0550 and 1.0500.

Note: Today we are awaiting high-impact economic data from the Eurozone, the services and manufacturing PMI indexes from Germany and France, and the services and manufacturing PMI indexes and unemployment benefits from the UK.

In the US, the markets await the services and manufacturing PMI index, and we may witness some volatility.

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: 1.0610	R1: 1.0720
S2: 1.0530	R2: 1.0765
S3: 1.0490	R3: 1.0840