Euro touches the desired target 15/12/2023

The euro displayed a favorable trading session against the US dollar, aligning with the anticipated upward trajectory and reaching the specified target of 1.1000, marking its peak at 1.1009 according to the latest technical report.

Upon a meticulous examination of the 4-hour time frame chart in today’s technical analysis, it becomes apparent that the 50-day simple moving average remains a positive driving force. Furthermore, the market sustains its position above the breached resistance level of 1.0960, which corresponds to the 61.80% Fibonacci retracement.

Consequently, the potential for a continued ascent remains viable, with the next target set at 1.1045. It is noteworthy that surpassing this level not only enhances but also expedites the strength of the upward trend, paving the way for the subsequent official station at 1.1095.

It is crucial to bear in mind that a closure with at least an hour candle below 1.0960 might defer the prospects of an upward movement, though it does not nullify them entirely. In such a scenario, a retest of 1.0900 is likely before any renewed attempts at an upward trajectory.

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: 1.0910	R1: 1.1045
S2: 1.0820	R2: 1.1095
S3: 1.0770	R3: 1.1180