Euro is trying to consolidate against USD 20/6/2023

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Quiet trading tended to be negative but limited at the beginning of the week, amid the US markets holiday, to find the EUR/USD pair stable intraday above 1.0900.

Technically, and with a closer look at the 4-hour chart, the simple moving averages continue to hold the price from below, and the 50-day simple moving average meets around 1.0860 and adds more strength to it, in addition to the bullish technical pattern shown on the 4-hour time frame, which supports the possibility of a rise.

We tend to rise, but with caution, on the condition that we witness a clear and strong breach of the resistance level of 1.0940, which consolidates the pair’s gains, opening the door to 1.1000 and 1.1075, respectively, unless we witness a break of 1.0860.

Closing the hourly candlestick below 1.0860 will lead the pair to a bearish path, aiming to retest 1.0730, the 61.80% 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: 1.0860	R1: 1.0960
S2: 1.0830	R2: 1.1000
S3: 1.0775	R3: 1.1075