Euro is touching the official target of the bullish wave 10/1/2023

The euro-dollar pair witnessed a positive trading session within the expected bullish context. Accordingly, we relied on stability above the psychological barrier of 1.0600, reaching the official station targeted for the current bullish wave at 1.0740, recording its highest level at 1.0760.

On the technical side today, we find there is a possibility to resume the bullish trend, depending on the continuation of the positive motive coming from the simple moving averages, which continue to hold the price from below, accompanied by the positive signs coming from the relative strength index and its stability above the mid-line 50.

From here, and with the stability of intraday trading above the previously breached resistance, which has now been transformed into the support level of 1.0660, and in general, above 1.0630, the bullish bias is the most likely; we need to witness the price consolidation above the main resistance of the current trading levels 1.0740, Fibonacci correction 61.80%, as shown on the chart. This is to reinforce the continuation of the bullish trend towards 1.0780 and 1.0830, respectively.

The Decline below 1.0660 postpones the chances of a rise but does not cancel it, while the return of trading stability below 1.0630 puts the pair under negative pressure, to retest 1.0590 & 1.0540 later.

Note: Stochastic is around overbought areas, and we may witness fluctuation in the price until the expected path is restored.

Note: Today we are awaiting the speech of Jerome Powell, Chairman of the Federal Reserve, and we may witness high price volatility.

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: 1.0660	R1: 1.0780
S2: 1.0590	R2: 1.0830
S3: 1.0540	R3: 1.0900