The euro is trying to recover 28/6/2022

The single European currency continues to recover against the US dollar within the expected bullish path, approaching the first price target of 1.0630, to record its highest level during the last session’s trading of 1.0613.

Technically, by looking at the 4-hour chart, we find the current intraday movements of the euro stable above the 1.0550 resistance level represented by the 23.60% Fibonacci correction as shown on the chart, and this comes in conjunction with the continuation of providing the 50-day simple moving average as a catalyst, supports the probability of resuming the rally.

Therefore, the bullish scenario will remain the most likely today, targeting 1.0610, knowing that consolidation above the mentioned level can consolidate the pair’s gains, so we are waiting for 1.0670 to touch the 38.20% correction of an official price station.

Activating the suggested scenario requires stability of the intraday trading above 1.0500 and most importantly, 1.0460. It should be noted that the decline below 1.0460 constitutes a strong negative pressure factor on the pair that may force it to visit 1.0400 and 1.0360.

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: 1.0510	R1: 1.0610
S2: 1.0460	R2: 1.0670
S3: 1.0400	R3: 1.0730