Euro touches the desired target 12/10/2023

The EUR/USD pair obtained positive signals during the previous trading session, touching the first target achieved in the last report at the price of 1.0640, recording its highest level of 1.0635.

On the technical side today, by looking at the 4-hour chart, we find that the simple moving averages still hold the price from below, supported by the positive signals from the Relative Strength Index, which is stable above the 50 midline.

From here, with the stability of intraday trading according to 1.0550, the bullish scenario remains valid and effective, continuing towards the second target of the previous report, 1.0680/1.00670, knowing that the price’s consolidation above it may extend the gains, so that the way is directly open to visit 1.0720 and 1.0750.

Trading stability below 1.0550, with an hourly candle closing below it, postpones the chances of a rise but does not cancel them, and we may witness a bearish bias aimed at retesting 1.0500 before attempts to rise again.

Note: The Stochastic indicator is around overbought areas and we may witness some fluctuation until the required official direction is obtained.

Note: Today we are awaiting highly influential economic data issued by the American economy, the “Consumer Price Index,” and we may witness high volatility when the news is released.

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: 1.0560	R1: 1.0650
S2: 1.0500	R2: 1.0680
S3: 1.0470	R3: 1.0720