Euro is trying to break free from the sideways path 24/4/2023

Narrow sideways movements still dominate the performance of the EUR/USD pair, finding the movements confined from below the support level of 1.0945 and above the resistance level of the psychological barrier 1.1000.

On the technical side today, and with a close look at the 4-hour chart, we find the simple moving averages trying to push the price to the upside and support the possibility of an ascension. On the other hand, the stochastic started to provide clear negative signals and started to lose bullish momentum.

With the conflicting technical signals at present, in addition to the price confinement between the aforementioned levels, from here we prefer to monitor the price behavior of the pair to be facing one of the following scenarios:

The decline below 1.0945 puts the price under negative pressure, its initial target is 1.0900, and the losses may extend later towards 1.0885, while breaching upwards and rising above 1.1000 may be a catalyst that enhances the possibility of retesting 1.1060 and 1.1100, 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: 1.0950	R1: 1.1000
S2: 1.0885	R2: 1.1060
S3: 1.0850	R3: 1.1105