Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Euro (EUR-USD) is resuming its downward movement against the US dollar, consistent with the expected decline mentioned in the previous technical report. Current price action is stable near the low of the morning session at 1.1583, just a few points away from the target of 1.1575.
Technical Outlook – 4-Hour Timeframe:
Technical indicators still show negative signals. The 50-day Simple Moving Average continues to exert additional negative pressure, supported by negative signals from the Relative Strength Index (RSI). This is despite the RSI reaching the oversold region, which reflects the continued dominance of the downward trend. Additionally, the pair is moving along a downward trendline as shown on the chart.
Probable Scenario:
Bullish Scenario: As long as the pair remains stable below 1.1640 and, more broadly, below the psychological barrier of 1.1700, the downward trend is likely to remain dominant during today’s trading. Targets begin at the first support level of 1.1555. A break below this level would open the door for further declines toward 1.1500, and losses could later extend to 1.1470.
Bearish Scenario: A clear breakout and consolidation above 1.1700 could give the pair some positive momentum to trim its losses, with the possibility of a temporary reversal toward 1.1720 and then 1.1760, which represent key resistance areas.
Fundamental Note:
We are awaiting high-impact economic event today, namely “Jerome Powell’s speech at the Jackson Hole Economic Symposium throughout the day.” This event could cause strong volatility in price movements.
Warning: The risk level is high amid ongoing trade tensions, and all scenarios may be plausible.
Risk Disclaimer: Trading CFDs involves risks, and therefore the scenarios outlined above are not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.1555 | R1: 1.1500 |
| S2: 1.1470 | R2: 1.1640 |
| S3: 1.1690 | R3: 1.1720 |
