On Friday, the euro fell to its April low of 1.08500, after which we have consolidation and recovery to 1.09000. The pair is again above the MA20 moving average, and we can expect a continued recovery towards 1.09500 based on the current situation. Technical indicators MA50 and MA200 are in the zone of about 1.10000 levels. Suppose the euro manages to stay at that level. In that case, there is a likelihood of further recovery and a break above the MA200 moving average, which would be a positive sign for a potential further recovery. If we could see that on the chart, our next target is the 1.11000 level, followed by the previous high from March 31 at 1.11850. For the bearish option, we need a negative consolidation and withdrawal of EURUSD below the previous low to 1.08500. Our next support is at 1.08000, the lower low in March and this year's minimum. The situation in Ukraine is still active, as are the sanctions aimed at Russia. All this negatively affects the euro and the economy of the European Union.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.