Euro is testing support 28/4/2023

A limited bearish tendency dominated the movements of the EUR/USD pair during the previous trading session due to the selling pressure around the 1.1060 resistance level, which led the pair to retest the 1.1000 support.

On the technical side today, and with a closer look at the 4-hour chart, we find the euro stable above the support line of the ascending channel 1.1000, with regular work inside the channel, and the simple moving averages still provide a positive motive, motivated by stochastic’s attempt to gain additional momentum.

We are positive, targeting 1.1070/1.1060, considering that confirming the breach of 1.1095 might consolidate the gains of the euro against the US dollar, to be waiting for a touch of 1.1130 initially.

From below, the price crept below 1.0980, which puts the price under negative pressure to retest 1.0945 23.60% Fibonacci correction before attempting to rise again.

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: 1.0980	R1: 1.1060
S2: 1.0950	R2: 1.1095
S3: 1.0910	R3: 1.1130