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mixed trading Dominated the movements of the euro against the US dollar, approaching the realization of the idea of the temporary rise referred to during the previous analysis at a price of 1.0640, recording the highest level at 1.0640.
From the angle of technical analysis today, and carefully looking at the 4-hour chart, we notice the 50-day moving average that returned to pressure the price from above, in addition to the stability of the daily trading below the extended resistance 1.0620/1.0580, in addition to the RSI losing momentum Bullish on short time frames.
Despite the technical factors that support the possibility of a drop, we maintain the same technical conditions that we mentioned during the previous analysis, which confirm the breach of 1.0500, which facilitates the task required to visit 1.0470, the first target, knowing that the intrusion below and the 1.0470 level enhances the chances of descending towards 1.0410, the next official station.
To remind that the pair’s stability in front of the psychological barrier 1.0500 support floor, with the pair’s ability to consolidate above 1.0620, is leading the euro to recover with an initial target located around 1.0700, the 50.0% correction.
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: 1.0475 | R1: 1.0620 |
| S2: 1.0410 | R2: 1.0710 |
| S3: 1.0325 | R3: 1.0770 |
