Euro is back in competition 14/11/2022

The euro achieved strong gains against the US dollar at the end of last week’s trading, within the expected positive outlook, surpassing the required official target at 1.0290, recording the highest level at 1.0366.

On the technical side, the simple moving averages still support the daily bullish curve in prices, and this comes in conjunction with the positive signals from the momentum indicator on the short time frames.

From here, and with stability above the strong support floor 1.0200, the bullish scenario remains the most preferred, knowing that the consolidation and confirmation of the pair’s breach of the resistance level 1.0395 is a catalyst that enhances the chances of the euro touching the level of 1.0480, a next price station that may extend its positive targets towards 1.0520.

The suggested bullish scenario depends on trading stability above 1.0200 and the decline below the mentioned level can stop the bullish trend and lead the pair to retest 1.0080.

Note: Stochastic is around overbought areas.

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: 1.0195	R1: 1.0395
S2: 1.0075	R2: 1.0480
S3: 0.9990	R3: 1.0600