Euro Advancing Against US Dollar

Positive trading dominated the EUR/USD with the conclusion of last year’s dealings, touching the psychological barrier of 1.2300.

Technically speaking, and with a closer look at the 60-minute chart, we find the euro stable above the support floor of 1.2200, and the 50-day moving average continues to hold the price from below, accompanied by the stability of the RSI above the 50 midline.

Therefore, we tend to be positive, targeting 1.2300 the first target, bearing in mind that confirming the breach of the aforementioned level is a catalyst that enhances the chances of an upside to visit 1.2350 / 1.2355, the next target.

A reminder that the activation of the suggested scenario requires stability above 1.2200, and breaking it will stop attempts to rise and put the price under negative pressure. Its initial target is to re-test 1.2155 and may extend it later towards 1.2110 before rising again.

S1: 1.2205	R1: 1.2300
S2: 1.2155	R2: 1.2355
S3: 1.2100	R3: 1.2405