Euro is trying to recover within the downward movement 29/9/2023

Negative trading continued to put pressure on the EUR/USD pair within the expected negative outlook, approaching by a few points the target published during the previous technical analysis, at 1.0470, only to record the lowest of 1.0490.

On the technical side, today the pair’s current movements are witnessing attempts to recover, benefiting from the return of trading stability above the psychological barrier support floor of 1.0500, and we find the Relative Strength Index providing positive signals to return to stability above the 50 midline.

We may witness a bullish bias for today’s session, knowing that the price’s consolidation above the psychological barrier resistance level of 1.0610/1.0600 motivates the chances of visiting 1.0645 and then retesting 1.0680.

The expected upward tendency depends on the pair’s ability to penetrate 1.0600, and failure to surpass it puts the pair under negative pressure to complete the general downward trend, with targets starting at 1.0520 and 1.0460 initially.

Note: Today we are awaiting high-impact economic data issued by the American economy, the Core Personal Consumption Expenditure Index, and we may witness high fluctuation in prices 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: 1.0520	R1: 1.0610
S2: 1.0460	R2: 1.0645
S3: 1.0420	R3: 1.0710