Euro is trying to maintain the positive stability 3/1/2023

Quiet trades tended to positively dominate the movements of the EUR/USD pair to start attacking the resistance level of the psychological barrier 1.0700, which still an obstacle in front of the pair.

Technically, by looking at the 240-minute chart, we find the 50-day simple moving average still carries the price from below, accompanied by the stability of intraday trading above the support level of 1.0640 and in general, above 1.0600.

Therefore, the bullish bias is still intact, knowing that consolidation above 1.0700 is a catalyst factor that enhances the chances of touching 1.0740 Fibonacci correction of 61.80%, an official expected station, whose targets may extend later to visit 1.0800/1.0780.

A decline below 1.0590/1.0600 can thwart the suggested bullish scenario and put the pair under strong negative pressure, aiming to retest 1.0560 & 1.0510.

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: 1.0635	R1: 1.0705
S2: 1.0590	R2: 1.0740
S3: 1.0560	R3: 1.0785