Euro requires attention for upcoming movements 11/8/2023

After yesterday’s US data, there are limited positive attempts for the EUR/USD pair to test the 1.1030 resistance level, and the pair’s current movements are witnessing stability below the mentioned resistance.

Technically, and looking closely at the 4-hour chart, we notice the conflicting technical signals. We noticed the 50-day simple moving average attempts to provide a positive motive that supports the possibility of an increase, and on the other hand, Stochastic is still providing negative signals, which requires paying attention to today’s movements.

With conflicting technical signals, we prefer to monitor the price behavior of the pair to obtain a more accurate direction, to be in front of one of the following scenarios:

The bullish track requires price consolidation above the main resistance 1.1030, represented by Fibonacci correction 38.20%, which may motivate the pair to visit 1.1100, an initial station whose targets may extend later towards 1.1140.

The infiltration below the pivotal support 1.0955, 50.0% correction, puts the pair under strong negative pressure, with its target at 1.0885, 61.80% correction, and the losses may extend towards 1.0845.

Note: Today we are waiting for high-impact economic data issued by the US economy, “Producer Price Index” and “Initial Consumer Confidence” and from England, we are waiting for the “Gross Domestic Product” indicator, and we may witness high volatility in prices.

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: 1.0955	R1: 1.1045
S2: 1.0885	R2: 1.1105
S3: 1.0845	R3: 1.1145