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The EUR/USD pair has successfully reached the initial target outlined in our previous technical analysis, hitting 1.0860 and peaking at 1.0888.
Upon examining the 4-hour chart, it’s evident that the level of 1.0860 is exerting downward pressure on the pair, prompting a potential retest of the psychological support barrier at 1.0800. Simple moving averages continue to guide the price from below, complemented by the Stochastic indicator showing signs of increasing momentum.
Maintaining a trading position above 1.0800, particularly 1.0790, supports the bullish outlook for the day, with a target set at 1.0875. A breach of this level would further reinforce the upward trend, paving the way for a potential surge towards 1.0930 and 1.0960, respectively.
Conversely, a decline below the significant support level of 1.0765, previously a resistance-turned-support, could impede the current upward momentum. In such a scenario, we may observe a downward trend, with initial targets set at 1.0720 and 1.0680 for potential retesting.
Economic Data Alert
Caution: Trading in CFDs carries inherent risks. Therefore, the scenarios outlined above are possibilities, and the analysis provided should not be construed as a recommendation to engage in buying or selling activities. Instead, it serves as an illustrative interpretation of price movements depicted on the chart. It’s crucial for traders to conduct thorough research, assess their risk tolerance, and consider seeking advice from financial professionals before making any trading decisions.
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