Euro may show some temporary bearish bias 6/4/2023

Quiet trading dominated the movements of the EUR/USD pair. No significant change appeared within a limited bearish bias due to the negative pressure after touching the resistance level of 1.0965, to witness the current movements stabilizing above the psychological barrier of 1.0900.

On the technical side today, negative signs started to appear on the stochastic. As a result, it started to gradually lose bullish momentum, in addition to the stability of the pair’s intraday trading below the resistance level of 1.0965.

We tend to be negative, but with caution, and await the confirmation of breaching 1.0900, which may open the door for the pair to retest 1.0870 around the 50-day simple moving average.

It should be carefully noted that the aforementioned bearish slope does not contradict the bullish trend, whose official targets are located around 1.1000 and 1.1030, respectively.

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: 1.0870	R1: 1.0960
S2: 1.0830	R2: 1.1000
S3: 1.0770	R3: 1.1050