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The single European currency managed to target retesting at 1.0920, recording a high of 1.0936, to return to trading with noticeable negativity due to hitting the resistance level.
On the technical side, the euro’s moves returned to stability below the resistance level of 1.0880, most importantly below the psychological resistance level of 1.0900. Looking at the 4-hour chart, we notice the clear negative signs on stochastic, accompanied by the return of the moving averages to pressure the price from above.
Today we tend to the negativity, knowing that the decline below the psychological barrier of 1.0800 support and stability below it may facilitate the task required to visit 1.0750 first target and then 1.0700 next station as long as the pair is stable below 1.0880.
Rising above 1.0910 can thwart the proposed scenario and lead the euro to recover again, opening the door towards 1.0980, an initial target.
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: 1.0795 | R1: 1.0910 |
| S2: 1.0750 | R2: 1.0980 |
| S3: 1.0680 | R3: 1.1020 |
