Euro is looking for more bullish momentum 1/8/2022

The euro showed upward movements against the US dollar, which continued its descending correction to its lowest level in 3 weeks to record the highest level last Friday at 1.0254.

Today’s technical vision indicates the possibility of continuing the bullish bias due to the positive motive coming from the 50-day simple moving average, which carries the price from below, in addition to the RSI’s attempts to stabilize above the mid-line 50 on short time intervals.

With daily trading remaining above 1.0160, the bullish bias may be the most likely during the session, targeting 1.0275, a 500% correction as shown on the chart.

We must pay close attention and monitor the pair’s price behaviour around 1.0160 because breaking it may stop the suggested bullish bias and return the euro to the downside direction, with targets starting at 1.0100 before determining the next price target.

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: 1.0160	R1: 1.0270
S2: 1.0100	R2: 1.0320
S3: 1.0055	R3: 1.0380