Euro continues its gradual rise against the dollar 8/11/2022

The euro traded with noticeable positivity against the US dollar in the opening of the first trading sessions of this week within the bullish context, as we expected during the previous analysis, touching the second target at the price of 1.0030, recording its highest level at 1.0034.

Technically, and looking at the 240-minute chart, the 50-day simple moving average still provides a positive motive in support of the possibility of continuing the rise, motivated by the stability of the RSI above the mid-line 50.

Therefore, the bullish bias may be the most likely during today’s session, towards 1.0065, a first target, considering that the cohesion above the mentioned level increases and accelerates the strength of the bullish bias, opening the door for visiting 1.0120.

Activating the suggested scenario depends on the stability of daily trading above the strong support floor of 0.9930 and above 0.9880.

Note: the US Congress “House of Representatives” elections are due today and have a high impact, and we may witness clear fluctuations in prices when the results are released.

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: 0.9930	R1: 1.0065
S2: 0.9845	R2: 1.0120
S3: 0.9790	R3: 1.0200