Euro bulls may be making its way back again after a long period of falling. It is now retesting the major support of the channel. It's very likely that it will make its move higher in the coming days. 1 is the main target, and 1.03 is the next.
After plunging to a new low at 1.036, the cable has staged a remarkable recovery. The downward momentum appears to have alleviated. I expect the pair to continue its upward move to the next major resistance at 1.14375.
My forecast is that the euro will strengthen in the coming days against the dollar and the pound. It must be something to do with the ECB hawkish rate hikes, or improving Russia-Ukraine tensions.
Euro is retesting the bottom of the channel. Let's watch whether the support still holds. EURO is definitely a long-term BUY. All the other indicators are flashing reversal signals.
The Ichimoku cloud is indicating a strong reversal signal while approaching a strong demand zone. Euro has been hovering around $1. It seems that the selling momentum is dwindling. Anywhere between $0.82 and $1 could be a bottom for the pair. Euro is not likely to break strongly below $0.82
