Euro is trying to consolidate 27/6/2023

Quiet trading dominated the movements of the euro-dollar pair during the first trading of this week, and it did not show any major movements, maintaining positive stability above 1.0860.

From the point of view of technical analysis today, and by looking at the 4-hour chart, we find that there are attempts to return to stability above the 50-day simple moving average. We also find that the relative strength index is trying to stabilize above the mid-line 50.

Therefore, there is a possibility of a bullish bias during the coming hours, provided that we witness the price consolidation above 1.0940, targeting 1.0970 as a first target, and then 1.1020 as a next station, whose targets may extend later towards 1.1075.

Only from below, if the pair fails to maintain positive stability above the strong support floor 1.0860, it would signal to resume the official bearish path, with targets starting at 1.0800 and later extending towards 1.0785.

Note: Today we are awaiting high-impact economic data issued by the US economy, the “Consumer Confidence Index,” and we may witness high volatility at the time of the news 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: 1.0845	R1: 1.0970
S2: 1.0785	R2: 1.1020
S3: 1.0730	R3: 1.1080