Euro continues to try to rise 17/11/2022

The technical outlook is unchanged, and the euro’s movements did not change significantly, maintaining positive stability against the US dollar, stable above the strong demand area of 1.0280.

On the technical side today, we find the Simple Moving Averages still supporting the upward curve of prices, motivated by the continuation of the pair obtaining positive signals from the 14-day momentum indicator.

Therefore, the bullish bias is more likely during the day, targeting 1.0425 as the first target and then 1.0465, knowing that the consolidation above 1.0465 is a motivating factor that enhances the chances of rising to visit 1.0520, the next official station represented by the 50.0% Fibonacci correction, as shown on the chart, unless we witness any trading below 1.0270. .

The decline below 1.0270 can thwart the bullish scenario completely and put the pair under negative pressure, aiming to retest 1.0200 initially.

Note: Stochastic tends to be negative intraday.

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: 1.0315	R1: 1.0425
S2: 1.0270	R2: 1.0485
S3: 1.0205	R3: 1.0530