Euro Begins The Week on Upside

The single European currency was able to maximize its gains against the US dollar within the expected upward path, heading for touching the second official target of the current bullish wave at 1.1970, its highest level during the Asian session for the current week at 1.1974.

Technically Speaking, and with a closer look at the 4-hour interval chart, we find the simple moving averages continue to hold the price from below and support the upward trend of prices?

From here, with intraday trading above the 1.1900 support level and the most important 1.1880, the bullish trend is likely today, continuing towards the third target 1.2000 / 1.2020, taking into account that surmounting to the upside and rising above 1.2020 extends the pair’s gains so that the way is directly open to visit 1.2070.

Activating the suggested scenario requires stability above 1.1880, and trading below it delays the bullish chances but does not cancel it, and we may witness a bearish tendency targeting a retest of 1.1820 before resuming the rally again.

S1: 1.1930	R1: 1.1970
S2: 1.1880	R2: 1.2010
S3: 1.1820	R3: 1.2050