Euro continues to climb 14/4/2023

Yesterday’s session witnessed the positive movements of the Euro-dollar pair, as we expected, heading to touch the first target published during the previous technical report, at 1.1040, to record its highest level at 1.1067.

Technically, we continue to suggest the daily bullish direction, relying on the intraday stability above the support level of 1.1000 accompanied by the continuation of the simple moving averages providing a positive incentive in support of the daily bullish price curve.

Therefore, the bullish trend is more likely, continuing towards the second target of the previous report 1.1100, a waiting station, considering that breaching the target level is a catalyst that enhances the chances of a rise towards 1.1165.

Activating the scenario suggested above depends on trading stability in general, for 1.0970/1.0950, and breaking the mentioned level might put the Euro under negative pressure, aiming to retest 1.0850 & 1.0820 before attempts to rise again.

Note: Today we are awaiting high-impact economic data issued by the US economy, the “Retail Sales” index and the “University of Michigan Preliminary Consumer Confidence” index, and we may witness high volatility at the time of the news release.

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: 1.0950	R1: 1.1100
S2: 1.0855	R2: 1.1165
S3: 1.0795	R3: 1.1260