Euro is gradually rising again 23/1/2023

The euro-dollar pair ended last week’s trading on a noticeable increase, and started today’s session’s trading as well, achieving significant gains within the expected general bullish path, to begin attacking the psychological barrier 1.0900, gradually approaching the target required to be achieved during the previous technical report at 1.0940, recording its highest level at 1.0903.

On the technical side today, and despite the clear overbought signs on Stochastic, we find that the RSI continues to provide positive signals, in addition to the pair continuing to receive a positive impulse from the Simple Moving Averages.

Therefore, the bullish scenario remains valid and effective, continuing towards the official target of the previous report 1.0940, an officially awaited station, knowing that its breach is a catalyst that increases and accelerates the strength of the bullish trend to wait for 1.0970, and the gains may extend later towards 1.1030.

Activating the suggested scenario depends on trading consolidating above 1.0840, and we must be careful that the return of trading stability below the mentioned level leads the pair to retest the strong support floor 1.0770, before rising again.

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: 1.0835	R1: 1.0940
S2: 1.0770	R2: 1.0970
S3: 1.0725	R3: 1.01035