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The euro’s movements did not witness little change during the first trading of this week, trying to maintain its gains that extended towards the 1.1475 areas, to see the stability of the current movement above the psychological level of 1.1400.
On the technical side, the 50-day moving average is still holding the price below, supporting the bullish bias in prices, as we notice the stability of trading above 1.1385, the support floor represented by the 61.80% Fibonacci correction, as shown on the 240-minute chart.
The possibility of rising is still valid and effective to visit the pivotal supply point 1.1375, and it should be noted that consolidation above the mentioned level may enhance the euro’s gains towards 1.1510 and 1.1570, 50.0% correction as long as the price is stable above 1.1380.
A breach below 1.1380 might cancel the idea of the upside, and we may witness a bearish bias that targets retesting 1.1355 and 1.1310, respectively.
Note: Stochastic is now moving negatively.
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: 1.1385 | R1: 1.1475 |
| S2: 1.1355 | R2: 1.1510 |
| S3: 1.1310 | R3: 1.1550 |
