Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The single European currency managed to keep its gains against the US dollar, touching our goal as we expected at 1.2270, recording its highest level during today’s morning trading session, 1.2272.
On the technical side, and by looking at the 60-minute chart, we find that there are negative crossover signals that started appearing on the stochastic indicator, accompanied by negative signals coming from the RSI.
Therefore, with the intraday trading remaining below 1.2270, we believe that there is a possibility of a bearish bias during the coming hours, targeting a re-test of 1.2190 / 1.2170 before resuming the rise again.
Note: the slight bearish trend does not contradict the daily bullish trend, whose official targets lie around 1.2320 and extend to 1.236. And that is as soon as the breach of 1.2270 resistance is confirmed.
| S1: 1.2195 | R1: 1.2275 |
| S2: 1.2150 | R2: 1.2315 |
| S3: 1.2100 | R3: 1.2360 |
