Euro is rising against the dollar 4/5/2023

The movements of the euro-dollar pair witnessed a positive trading session, as we expected, and the euro succeeded in touching the first official stop during the previous analysis, at 1.1085, recording its highest level at 1.1090.

Technically, the simple moving averages still support the upward curve of prices, and this comes in conjunction with the pair continuing to obtain positive momentum signs from the 14-day momentum indicator.

From here, and with the stability of trading on the good support ground that the pair succeeded in establishing at the psychological barrier of 1.1000, this encourages us to keep our positive expectation towards the second target of the previous report 1.1110/1.1100, and after that 1.1140 is an expected official station. The price must be closely monitored, given its importance to the general trend on The short term, and breaching it, enhances the chances of a rise towards 1.1190.

Only from below, a decline below 1.1030, and more importantly, 1.1000, can thwart the suggested bullish scenario and lead the pair to directly retest 1.0945, a Fibonacci correction of 23.60%, as shown on the chart.

Note: Stochastic is around overbought areas, and we may witness some fluctuation in the ppair’smovements until the expected direction is obtained.

Note: Today, we are awaiting high-impact data issued by the euro area, “”nterest rates, the European Central BBank’smonetary policy statement and the European Central BBank’spress conference,””and we may witness high price 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: 1.1030	R1: 1.1110
S2: 1.0975	R2: 1.1145
S3: 1.0945	R3: 1.1190