Euro settled above support 4/4/2023

The Euro tried to maintain the main bullish trend during the first trading of this week, explaining during the previous report that the price remaining above 1.0800 stimulates the price to retest 1.0920, recording its highest level at 1.0925.

Technically, the Euro has stabilised above the 50-day simple moving average, which returned to hold the price from below. This coincides with the positive signs of the relative strength index.

We keep our positive outlook, and we need to witness a clear and strong breach of the pivotal resistance level 1.0925, because its breach extends the pair’s gains, continuing towards the rest of the targets of the previous report, 1.0965, a second target, and then 1.1000, the next official station.

We remind you that the decline below 1.0800 puts the price under negative pressure, targeting 1.0740, Fibonacci 61.80%, before attempting to rise 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: 1.0820	R1: 1.0900
S2: 1.0740	R2: 1.0965
S3: 1.0680	R3: 1.1005