Noor Trends News, Technical Analysis, Educational Tools and Recommendations
As we expected in the previous report, the euro continues to move negatively against the US dollar, gradually approaching the official target of 1.1400, recording a low at 1.1436 during the Asian session.
Technically, and with careful consideration on the 4-hour chart, the price is still moving below the 50-day moving average, supporting the bearish price curve, in addition to stabilizing trading below the previously broken support level 1.1560.
Therefore, we maintain our negative outlook towards 1.1400, the next official station, and the price behavior of the pair should be monitored around these levels; breaking them increases the strength of the bearish trend to be the next official station 1.1300.
In general, we suggest the overall bearish trend as long as trading is below the descending trend line, which meets around the strong resistance level 1.1610, 23.60% Fibonacci correction as shown on the graph.
| S1: 1.1400 | R1: 1.1510 |
| S2: 1.1360 | R2: 1.1560 |
| S3: 1.1295 | R3: 1.1610 |
