The Euro is stable below resistance 7/8/2023

Negative trades continue to control the movements of the euro-dollar pair, to start this week’s trading on a bearish slope, stable below the resistance level of the psychological barrier 1.1000.

On the technical side today, and when looking closely at the 4-hour chart, we find that stochastic continues to provide negative signals and is gradually losing momentum, and this comes in conjunction with the negative pressure from the simple moving averages that continue to pressure the price from above.

From here, with steady intraday trading below 1.1000, and in general below the strong resistance 1.1050, the bearish scenario remains valid and effective, targeting 1.0955 Fibonacci correction 50.0% first target, knowing that the infiltration below the mentioned level extends the pair’s losses, so we will be waiting for 1.0885 correction 61.80%, an initial station whose targets may extend Negativity later to visit 1.0840.

Skipping upwards and rising above 1.1050 will immediately stop the suggested scenario and lead the pair to recover temporarily, to retest 1.1100 before starting the decline again.

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: 1.0945	R1: 1.1050
S2: 1.0885	R2: 1.1100
S3: 1.0835	R3: 1.1155