Euro is trying to stabilize above the support 12/6/2023

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After several successive sessions of the sideways trend dominating the movements of the euro-dollar pair, it managed, at the end of last week’s trading, to achieve a first breach of the resistance level of 1.0740, recording its highest level at 1.0785, to return within a bearish slope once again.

On the technical side today, the current moves are witnessing stability above 1.0730, the resistance previously breached and transformed into a support level according to the concept of role exchange. The support level at 1.0730 is represented by a 61.80% Fibonacci correction and represents the key to protecting the bullish trend. of strength, in addition to Stochastic’s attempts to eliminate the current negativity.

We tend to the upside, but with caution, targeting 1.0800, the 50.0% correction, considering that its breach is a catalyst that enhances the chances of touching 1.0850.

We remind you that closing the 4-hour candlestick below the correction above at 61.80%, the support of 1.0730, can thwart the upward attempts that started at the end of last week, and lead the pair to the downside path, with targets starting at 1.0665 and 1.0620, 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: 1.0720	R1: 1.0800
S2: 1.0665	R2: 1.0850
S3: 1.0620	R3: 1.0905