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The euro displayed positive performance against the US dollar in the recent trading session, aligning with our anticipated positive outlook. The breach of the key level at 1.0960 was pivotal, leading to the attainment of the specified targets and nearing the final target of 1.1030, with the highest recorded level at 1.1017.
From a technical perspective, the current scenario indicates ongoing support from the simple moving averages, contributing to the sustenance of upward momentum. This is complemented by the continued reception of positive signals from the Relative Strength Index (RSI).
With the stability of trading above the previously breached resistance, now acting as a support level at 1.0960, the upward trend remains robust and influential. The immediate targets include 1.1080/1.1070, representing a significant anticipated level. Furthermore, the potential for extended gains towards 1.1110 is plausible.
However, a scenario where trading stability falls below 1.0950 would briefly interrupt the upward trend. In such a case, a retracement to 1.0900 could occur, with further extension towards 1.0860. Traders are advised to monitor these key levels for potential shifts in market dynamics.
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.
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