The Euro Touches Target and Re-Tests The Support

The attempts to gradually ascend the euro against the US dollar continue within the expected bullish path, benefiting from building on the support level of 1.1900, gradually approaching the first target required to be achieved during the previous analysis at 1.2010, recording a high of 1.1995.

Technically speaking, we find that the simple moving averages are still holding the price from below, and the RSI indicator continues to get positive signals.

Although we tend to rise only, stochastic is now trading around overbought areas, which may push the pair to retest 1.1900 before rising again.

Note: the scenario of retesting the support is not inconsistent with the daily bullish trend. Knowing that the confirmation of the breach of 1.2000 extends the pair’s gains, opening the way to visit 1.2045, and the gains may extend later to visit 1.2065, the 38.20% retracement as shown on the chart, and in general, the trend is up unless we witness any trading below 1.1885, a 61.80% correction.

S1: 1.1950	R1: 1.2000
S2: 1.1900	R2: 1.2040
S3: 1.1860	R3: 1.2080