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The euro traded positively against the US dollar during the previous trading session after it confirmed the breach of the 1.0940 resistance level to start attacking the psychological barrier of 1.1000, recording its highest level at 1.1033.
On the technical side today, and by looking closely at the 240-minute chart, we notice that the pair continued to receive a positive impulse from the simple moving averages that continue to hold the price from below, and this comes in conjunction with the clear positive signs on the 14-day momentum indicator on the short-term frames.
From here, with the stability of intraday trading above 1.0990, and in general above the previously breached resistance, which was transformed into support of 1.0940/1.0950, the bullish bias is most likely during today’s trading session, targeting 1.1050, knowing that its breach is a catalyst that enhances the chances of touching 1.1100 and beyond. 1.1160, respectively.
Closing at least an hourly candle below the support level of 1.0940, which corrects 23.60%, will immediately stop the bullish daily trend and put the pair under negative pressure again, aiming to retest 1.0860 before attempting to rise again.
Note: Today we are waiting for high-impact economic data issued by the US economy, “US inflation data, consumer price index”
From Canada, we are waiting for “the Bank of Canada interest statement, Canadian interest rates and the Bank of Canada press conference”\
From England, we are waiting for “the speech of the Governor of the Bank of England” and the report issued by the International Energy Agency on oil stocks. We may witness high volatility at the time of issuance of the news.
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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