The Euro Extends Its Gains 14/1/2022

The single European currency continued to achieve gains against the US dollar within the expected upward trend during the last analysis, heading towards touching the goal of 1.1480, recording the highest level at 1.1481.

Technically, the pair is now hovering around the highest level during the session, accompanied by the stability of trading above the 50-day moving average, supporting the possibility of continuing the rise, which comes in conjunction with the positive signs of the 14-day momentum indicator.

Therefore, the chances of a rising increase to the touch 1.1510, a first target, and breaching it can consolidate the euro’s gains, opening the way towards 1.1540, as long as the price is stable above the support level 1.1440 and most importantly, 1.1410.

Moving below the mentioned support level puts the price under negative pressure, aiming to retest 1.1370. However, generally, we suggest the overall bullish trend as long as trading is stable above 1.1370, and breaking it will open the door towards 1.1320.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1.1410	R1: 1.1510
S2: 1.1370	R2: 1.1540
S3: 1.1320	R3: 1.1570