Euro is in a sideways path, technical conditions are unchanged 22/2/2023

The technical outlook remains unchanged, and the movements of the Euro-dollar pair did not change, within a sideways path between 1.0630 and above 1.0700.

Technically, today, the euro-dollar pair is still stable below the resistance level of the psychological barrier 1.0700. However, upon closer look at the 240-minute chart, we find that the simple moving averages continue to exert negative pressure on the price from above, stimulated by the clear negative signs on the stochastic.

Therefore, the bearish scenario may be the most likely during today’s trading session, targeting 1.0630 as a first target, knowing that price stability below the mentioned level increases and accelerates the strength of the bearish trend, to be waiting for touching 1.0570, and the current downside wave may extend towards 1.0515, Fibonacci correction 50.0%.

We remind you that activating the expected downside path above requires trading to remain below 1.0700. In general, we expect the continuation of the decline as long as the pair is generally stable below 1.0745, the pivotal resistance represented by the 61.80% correction. It must be carefully noted that the price’s consolidation above 1.0745 leads the pair to rise directly towards 1.0800.

Note: Today we are awaiting the “results of the Federal Reserve Committee meeting” and may witness high price fluctuations.

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: 1.0625	R1: 1.0700
S2: 1.0570	R2: 1.0745
S3: 1.0515	R3: 1.0800