Euro consolidating above support 30/1/2023

Negative trading dominates the movements of EURUSD due to stability below the resistance level of the psychological barrier 1.0900, which forced the pair to retreat marginally, to witness the current movements stabilizing around its lowest level during the morning trading of the current session 1.0865.

Technically, and with a closer look at the 4-hour chart, we find that the stochastic is trying to gain positive momentum, accompanied by the stability of intraday trading above the 50-day simple moving average, which is trying to provide a positive motive.

With trading above the pivotal support floor at 1.0830, there may be a possibility to return to the rise again, with the first target at 1.0900, knowing that the breach of the mentioned level and the consolidation of the price above will lead the pair to visit 1.0940.

A decline below 1.0830 will immediately stop any attempts to rise. The pair will start a simple bearish correction, with its first target retesting 1.0745, Fibonacci correction of 61.80%, before attempting to climb again.

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: 1.0830	R1: 1.0900
S2: 1.0770	R2: 1.0940
S3: 1.0745	R3: 1.0975