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The Euro made some gains against the US Dollar during the previous trading session, attempting to retest the psychological barrier resistance level at 1.0600.
From a technical standpoint, the pair is currently hovering around this resistance, which aligns with the 23.60% Fibonacci correction on the 4-hour chart. The Stochastic indicator is now entering the overbought phase, showing a loss of upward momentum.
As a result, we anticipate a continuation of the downward trend, with a break below 1.0545 making it easier to target 1.0500 and then 1.0470.
However, if the Euro successfully surpasses the 1.0600 resistance level, it would temporarily diminish the likelihood of a decline, and a recovery attempt could be underway, aiming for a retest of the 1.0660 level, corresponding to the 38.20% correction.
Warning: The risk level remains high amid ongoing geopolitical tensions, and multiple scenarios may unfold.
Risk Alert: Market conditions remain highly uncertain due to ongoing geopolitical tensions, and multiple outcomes are possible.
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