The euro touches the desired goal 27/5/2022

The single European currency succeeded in retesting the pivotal support level published during the previous report at 1.0660, which forced the euro to bullish retracement. As we expected, touching the first target 1.0740, heading to touch the official price target during the previous technical report at 1.0770, recording its highest level during early trading for the current session 1.0768.

Technically, today, we notice the euro is now hovering around the 1.0770 level represented by the 50.0% Fibonacci correction, and it represents a pivotal level for the pair’s trading, and with careful consideration on the 4-hour chart, the simple moving averages continue to hold the price from below, supporting the bullish price curve. Moreover, the 14-day momentum indicator continues defending the daily bullish trend.

We only need to continue rising to witness the euro consolidation above 1.0770. That is a catalyst that can enhance the chances of touching 1.0800 next price station, whose targets may extend towards 1.0840.

The stability of intraday trading above 1.0690, and most importantly, 1.0670, 61.80% correction, is essential to maintain the bullish daily trend, knowing that breaking 1.0640 will immediately stop the bullish bias and lead the pair to the official bearish path to retest 1.0550.

Note: Stochastic is trading around overbought areas on an intraday basis.

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: 1.0690	R1: 1.0800
S2: 1.0630	R2: 1.0835
S3: 1.0585	R3: 1.0900