Euro is trying positively against USD 14/10/2022

Positive trades dominated the euro’s movements against the US dollar during yesterday’s trading, trying to build on the 0.9740 support floor.

Technically, and carefully looking at the 240-minute chart, we find the pair is moving above the 50-day simple moving average, accompanied by the beginning of positive signs appearing on the 14-day momentum indicator on the 60-minute time frame.

Therefore, the possibility of a bullish bias in the coming hours is still likely, targeting 0.9810, a first target, considering that a breaching up and rising above 0.9810 might enable the euro to rally to visit 0.9860/0.9850 50.0% Fibonacci correction next price station.

Activating the suggested scenario depends on the stability of the daily trading above 0.9740 level. Breaking it puts the pair under negative pressure again, targeting a retest of 0.9700, and it may extend towards 0.9670 before repeating the attempts to rise again.

Note: “US Retail Sales” is due today and may witness price fluctuation.

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: 0.9670	R1: 0.9850
S2: 0.9565	R2: 0.9920
S3: 0.9490	R3: 1.0030