Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pair hit the strong resistance mentioned in yesterday’s analysis at 158.20, which we mentioned as an essential condition to complete the bullish trend, pushing the pair to trade negatively again at 157.40.
Technically, the bullish trend is still valid and effective. Still, with a closer look at the 60-minute chart, we find the simple moving averages starting to pressure the price from above, accompanied by the clear negative features on the stochastic indicator.
Therefore, we may witness a decline in the coming hours, provided we confirm the breach of the 157.30 support level, which increases the negativity paving the road towards 156.20.
The stability above 158.20 would push the pair towards our ascending targets 158.65 and 159.10, respectively.
| S1: 157.30 | R1: 158.65 |
| S2: 156.20 | R2: 159.10 |
| S3: 155.90 | R3: 160.00 |
