Euro is awaiting the European Central Bank’s decision 14/9/2023

The technical outlook remains unchanged, and the pair has not changed significantly with the continuation of the sideways path. We find the pair stable above the support level of 1.0700 and below the resistance level of 1.0790.

On the technical side today, with a closer look at the 4-hour chart, we notice that the simple moving average 50 began to provide a positive incentive, trying to push the price higher. On the other hand, negative features began to appear on the Stochastic indicator.

With conflicting technical signals, we prefer to monitor the price behavior of the pair to be faced with one of the following scenarios:

Resuming the upward path, we need to witness the price consolidating above 1.0790, which is a motivating factor that enhances the chances of a rise to visit 1.0840, and the gains may extend later to visit 1.0880, the 61.80% Fibonacci retracement.

Confirmation of breaking the support floor of the psychological barrier 1.0700, and most importantly 1.0690, leads the pair to the official bearish path, with an official target around 1.0630.

Note: Today we are awaiting highly influential economic data issued by the European economy, “the monetary policy statement of the European Central Bank,” “interest rates on the euro and the press conference of the European Central Bank,” and regarding the American economy, we are awaiting the “producer prices” index and the “retail sales” index.

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: 1.0700	R1: 1.0790
S2: 1.0650	R2: 1.0840
S3: 1.0600	R3: 1.0885