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The EUR/USD pair has returned to the robust support level highlighted in the previous technical report, situated at 1.0960. It has maintained stability above this level at the commencement of today’s trading.
From a technical analysis standpoint, the 50-day simple moving average continues to provide a positive impetus, aligning with the substantial support at 1.0960, represented by the 61.80% Fibonacci retracement. This convergence reinforces the potential for an upward movement. Additionally, the Stochastic indicator is making efforts to dispel momentary negativity.
As long as daily trading remains above 1.0950/1.0960, our positive outlook persists. The initial target is set at 1.1000, with a breakthrough likely to enhance the pair’s gains, opening the path toward 1.1040 and 1.1070, the subsequent official stations.
A return to trading stability below 1.0950 would momentarily interrupt the upward trend, leading to a retest of 1.0900 and potential extension towards 1.0860.
Caution: Noteworthy economic data is anticipated from the US today, particularly the annual “Core Personal Consumer Expenditure Price Index.” Expect heightened volatility upon the release of this news.
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.
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