Noor Trends News, Technical Analysis, Educational Tools and Recommendations
As we expected, the euro retested the support at 1.1600, resuming the bullish rebound approaching the desired target at 1.1680, recording the highest level at 1.1670.
Technically, by looking at the chart, we notice the continuation of the bullish technical structure shown on the 4-hour chart, in addition to the stability of intraday trading above 1.1640 Fibonacci corrections of 23.60% and in general above the strong support floor 1.1600.
Therefore, chances of a rise are still intact, with a target of 1.1680, 38.20% correction, knowing that exceeding the target level will extend the euro’s gains towards 1.1720.
Declining below the support level of 1.1600 negates the suggested bullish scenario and puts the price under negative pressure to retest 1.1540 initially.
| S1: 1.1600 | R1: 1.1680 |
| S2: 1.1540 | R2: 1.1720 |
| S3: 1.1500 | R3: 1.1770 |
