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Narrow sideways trading that tends to be positively dominated the movements of the euro-dollar pair during the previous trading session, trying to breach the pivotal resistance level of 1.0745, recording its highest level at 1.0760, but ended the transactions below the mentioned level.
On the technical side today, by looking at the 4-hour chart, we find the 50-day simple moving average providing a positive motive in favor of the bullish price curve, and is stimulated by positive momentum signs on the short-term frames, trying to stabilize above 1.0745, Fibonacci correction of 61.80%, on the other hand, we find stochastic still giving negative signals.
We tend to be optimistic but cautious, with intraday trading consolidating above 1.0700. We need price stability above 1.0745, targeting 1.0780 as a first target, knowing that consolidation above 1.0780 is a catalyst that enhances the chances of visiting 1.0820 and 1.0850, respectively.
From below, if the price declines below 1.0690, the bearish trend will return to control the movements of the euro-dollar pair, visiting 1.0640 and 1.0610. It should be noted that trading below 1.0610 forces the pair to retest the pivotal support 1.0515, 50.0% correction.
Note: Today we are awaiting high-impact economic data that affects the US economy, the “Producer Prices Index, US Retail Sales, and the New York State Manufacturing Index,” as well as the United Kingdom’s “Annual Budget Report,” and we may witness a high fluctuation in prices at the time of the news release.
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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