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As we expected, the single European currency continued its positive performance against the US dollar, touching the official target station located at 1.1245, recording its highest level at 1.1245 during the early trading of the current session.
On the technical side today, by looking at the 4-hour chart, we find that the simple moving averages continue to support the daily bullish price curve, stimulated by the clear positive signs on the 14-day momentum indicator, in addition to the pair’s success in consolidating above the resistance of the psychological barrier 1.1100.
From here, steadily, for intraday trading above 1.1165, the resistance previously breached and turned into a support level, and in general, above 1.1120, the bullish scenario remains the most preferred, targeting 1.1280/1.1275 as a first target, and close attention needed to this level due to its importance to the general trend in the short term. Its breach is a catalyst reinforcing the Chances of touching 1.1320 and 1.1260 are the next price stations.
Return of stability in intraday trading below 1.1165 postpones the chances of a rise. Still, it does not cancel it, while the price declining below 1.1120 will immediately stop the bullish trend and put the pair under temporary negative pressure to retest 1.1060 before any attempts to rise.
Note: Today we are awaiting high-impact economic data issued by the US economy, “the preliminary reading of consumer confidence,” 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.
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