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The EUR/USD pair exhibited relatively subdued yet positive movements, persisting in its gradual ascent while maintaining favorable stability above 1.0860.
Upon a more detailed examination of the 4-hour time frame chart from a technical perspective today, it becomes apparent that the pair has effectively retested the 1.0860 support, denoted by the 50.0% Fibonacci retracement. The simple moving average converges around this level, amplifying its strength. Furthermore, the Stochastic indicator shows signs of attempting to overcome the immediate negative signals.
As a result, the outlook continues to favor an upward trend. The consolidation of the price above 1.0930 facilitates the path for a visit to 1.0960, representing the 61.80% Fibonacci retracement, with a breach serving as a motivating factor that heightens the likelihood of reaching 1.1000. Subsequent gains may extend towards 1.1050.
Conversely, a return to stability below 1.0860, confirmed by the closing of at least an hour candle, has the potential to completely negate the proposed bullish scenario, prompting a retest of 1.0800 initially.
Warning: Noteworthy economic data is anticipated today, including high-impact releases from the Eurozone, the press talk by the President of the European Central Bank, and key updates from the American economy. The market is awaiting the “preliminary reading of the services and manufacturing purchasing managers’ index,” and price fluctuations may be observed 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.
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