The Euro Gains Ground Against the Weakening Dollar 3/11/2023

In our previous technical report, we maintained a neutral stance due to conflicting signals. We emphasized that activating buying positions hinged on the EUR/USD pair breaking the psychological barrier resistance level of 1.0600, targeting 1.0670 and 1.0670, achieving these targets and reaching its peak at 1.068.

Technically, today we are inclined towards a positive outlook in our trading, relying on the pair’s stability in intraday trading above 1.0600, supported by the positive momentum of the simple moving averages.

The bullish scenario remains the most favorable for today’s session. A consolidation above 1.0640, the 23.60% Fibonacci retracement, would pave the way to reach 1.0670 as the initial target. If breached, it could further motivate an upward movement, aiming for 1.0720, with potential extensions towards 1.0770.

Conversely, a consolidation below 1.0570, especially 1.0550, could negate the proposed scenario, putting the pair under negative pressure and potentially retesting 1.0520 and 1.0480.

Please note that we are anticipating high-impact economic data from the American economy, including non-farm payroll, unemployment rates, average wages, and the services purchasing managers index issued by ISM. Additionally, we are awaiting Canadian economic data, specifically the unemployment rate and job changes. Market fluctuations are expected upon the release of these news items.

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: 1.0570	R1: 1.0670
S2: 1.0515	R2: 1.0725
S3: 1.0470	R3: 1.0775