The Euro Continues its Gradual Rise

The single European currency continued to achieve gains for the third consecutive session without achieving the scenario of retesting the support published in the previous analysis to approach the required official target of 1.1880, recording its highest level at 1.1857.

Technically, we believe that the continuation of the rise is the most likely scenario, relying on the positive motive of the 50-day moving average and the stability of the intraday trading above 1.1800, and most importantly, 1.1780.

Therefore, we keep our view towards 1.1880, Fibonacci of 61.80%, next official station. Confirmation of the pair breaking the strong support level at 1.1765 can ultimately thwart the bullish scenario and start the bearish trend to control the pair’s movements so that we will wait for 1.1700.

S1: 1.1800	R1: 1.1880
S2: 1.1765	R2: 1.1930
S3: 1.1720	R3: 1.1965