Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The EUR/USD pair traded in a calm, slightly positive manner, continuing its upward trend as previously mentioned, reaching a high near the psychological resistance level of 1.1800.
Technical Outlook – 4-Hour Timeframe:
In the short term, the pair is experiencing some limited downward pressure due to encountering resistance at 1.1800, in addition to the Relative Strength Index (RSI) reaching overbought territory, which may temporarily slow the pace of the upward movement.
However, the simple moving averages continue to support the overall trend, providing strong dynamic support that reinforces the short-term positive outlook.
A sustained price above the 1.1740 support level could maintain the possibility of an upward correction,
especially if the price manages to break through the 1.1800 resistance level.
In this scenario, the pair might target:
1.1830 as an initial level, then 1.1860.
Conversely, a break below the support level of 1.1740 could put the pair under downward pressure, with a potential move towards:
1.1700 as the first target, then 1.1665 as the next level.
Note: Today, we are awaiting high-impact economic data from the US economy, specifically retail sales figures. We may see significant price volatility around the time of the release.
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: 1.1740 | R1: 1.1800 |
| S2: 1.1700 | R2: 1.1830 |
| S3: 1.1665 | R3: 1.1860 |
