Euro is quietly creeping against US Dollar 23/2/2023

Negative trading dominated the movements of the EURUSD pair during the previous trading session, within the expected bearish context in the last technical report, touching the first target of 1.0630, recording its lowest level near the psychological barrier of 1.0600.

On the technical side today, and with a closer look at the 240-minute chart, we find that the pair continued to receive negative pressure from the simple moving averages that support the continuation of the decline, accompanied by the clear negative signs on the RSI.

This encourages us to maintain our negative expectations, provided that we witness a clear and strong breach of the support floor of the psychological barrier 1.0600, targeting 1.0570 next, and extending the correctional downside targets towards 1.0515, Fibonacci 50.0%.

We suggest the bearish trend as long as trading remains stable below the pivotal resistance 1.0745, the 61.80% correction.

Note: Today, we are awaiting quarterly the preliminary reading of the gross domestic product in the US, and we may witness a high fluctuation in prices at the time of the release.™

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: 1.0600	R1: 1.0665
S2: 1.0570	R2: 1.0705
S3: 1.0515	R3: 1.0745