The Euro is Trying Positively 3/2/2022

The single European currency continued its positive move to the upside within the bullish path published in the previous report, after it succeeded in retesting the 1.1270 support line, recording its highest level during the last session’s trading of 1.1330.

On the technical side, reading the chart on the 4-hour time frame indicates the possibility of resuming the rise. We notice the continuation of the movement above the 50-day simple moving average, in addition to stability above the 1.1270 support level.

There may be a possibility of an upward bias in the coming hours to visit 1.1380/1.1370, the main supply point represented by the 61.80% Fibonacci retracement as shown on the chart as long as the pair is stable above 1.1270.

The decline below the support level mentioned above may initially renew the chances of negative pressure towards 1.1200 and 1.1170.

Note: ECB statement and press conference are due today and may cause some volatility.

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: 1.1270	R1: 1.1330
S2: 1.1200	R2: 1.1375
S3: 1.1120	R3: 1.1415