Euro is waiting to break support to confirm the negativity 25/9/2023

The technical outlook remains unchanged, and there has been no significant change in the pair’s movements. We notice the continued stability of the pair below the simple moving averages that support the continuation of the downward curve for prices, accompanied by clear negative signals on the Stochastic indicator on the 4-hour time frame.

From here, with daily trading remaining below the pivotal resistance of 1.0700, the bearish scenario remains preferable towards the second target of the previous report 1.0590/1.0600. We are waiting for confirmation of a break of 1.0590 to confirm the current bearish wave, so we are waiting to touch 1.0550, the next official station and its targets may extend later to visit 1.0520.

As a reminder, price consolidation above 1.0700 with at least an hour of candle closing can postpone the proposed bearish scenario and lead the pair to recover temporarily with the aim of retesting 1.0750, and the gains may extend towards 1.0780.

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: 1.0620	R1: 1.0710
S2: 1.0590	R2: 1.0780
S3: 1.0540	R3: 1.0830