Euro is trying to form an ascending corrective wave 29/9/2022

The movements of the EUR/USD pair witnessed attempts to recover and compensate for losses during the last trading session, nullifying the bearish technical outlook, in which we relied on trading stability below 0.9710, recording the highest level at 0.9750.

On the technical side today, the euro is witnessing stability above the resistance of 0.9700, and in general, we find the pair trying to build above the previously breached resistance of 0.9640. In addition, we notice that the simple moving averages are trying to push the price to the upside.

Therefore, we may witness attempts to form a bullish correction wave whose first target is around 0.9790 initially as an initial station that may extend later towards 0.9850, knowing that intraday stability above 0.9700 and, most importantly, stability above 0.9640 are basic conditions to activate the suggested scenario.

The stability of trading again below 0.9640 renews the chances of controlling the bearish directional movement so we are waiting for 0.9530.

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: 0.9640	R1: 0.9790
S2: 0.9530	R2: 0.9850
S3: 0.9470	R3: 0.9950