Euro is at a bearish target and starts pressing support 11/4/2023

Quiet movements dominated the eurodollar pair during the first trading of this week, within the expected bearish context during the previous technical analysis, during which we indicated that there is a possibility of a bearish bias, targeting 1.0870, for the pair to reach the required target at 1.0830.

On the technical side today, by looking at the 240-minute chart, we find that the pair started to pressure the support of the ascending channel. Furthermore, we find the 1.0910 level that turned from a support level into a resistance level, in addition to the negative intersection of the Simple Moving Averages that started to pressure the price from above.

Thus, we may witness a decline during the next session’s trading, targeting 1.0820, considering that the decline below 1.0820 facilitates the task required to retest 1.0770 before attempts to rise.

From above, the return of trading stability above 1.0910 is capable of postponing the suggested bearish scenario and leads the Eurodollar pair to restore the main bullish trend, as we await the next targets 1.0965 and 1.1000, respectively.

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: 1.0820	R1: 1.0910
S2: 1.0775	R2: 1.0965
S3: 1.0720	R3: 1.1000