The Euro Needs to Confirm The Positivity 11/1/2022

The positive attempts of the euro against the US dollar continue for the second consecutive session, trying to move away from the psychological support level of 1.1300 and, most importantly, 1.1280.

Technically, looking at the 4-hour chart, we notice positive crossover signs that started appearing on the stochastic indicator. By moving to the short time frames, we find the momentum indicator continues to receive positive signs.

Despite the technical factors that increase the possibility of witnessing a bullish bias during today’s session, we prefer to confirm the breach of the pivotal supply point located at 1.1380/1.1370, which may enhance the chances of rising to visit 1.1420 & 1.1465 initial targets.

We remind you that the infiltration below the 1.1300 support level and, most importantly, 1.1280 leads the euro to the downside path. As a result, we are witnessing a negative session, with its initial target of 1.1220, while its official target is 1.1160.

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

S1: 1.1270	R1: 1.1370
S2: 1.1220	R2: 1.1420
S3: 1.1160	R3: 1.1465