Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Sideways trading dominates the euro against the US dollar for several consecutive sessions, above the psychological support level of 1.1700 and below the resistance of 1.1750.
On the technical side today, and by looking at the 4-hour chart, we notice the negative pressure coming from the 50-day simple moving average, in addition to the clear negative signs on the stochastic indicator.
Therefore, with the pair maintaining intraday stability below the resistance level of 1.1750 and in general below the resistance level of 1.1780, which represents the key to protecting the bearish trend in the short term, this encourages us to keep our negative outlook, knowing that trading below 1.1700 facilitates the task required to visit 1.1665 first target and then 1.1610 Next official station.
Only from the top is to cross upside and settling above the resistance level of 1.1780 to negate the suggested bearish scenario. We may witness an ascending path whose initial target is located around 1.1840/1.1830 initially.
| S1: 1.1665 | R1: 1.1750 |
| S2: 1.1610 | R2: 1.1780 |
| S3: 1.1570 | R3: 1.1820 |
