Noor Trends News, Technical Analysis, Educational Tools and Recommendations
We stayed on the fence during the previous technical report due to the conflicting technical signals, explaining that reactivating the buying positions requires breaking the 1.1330 resistance level, which is a catalyst that helps consolidate gains to retest 1.1375/1.1370, recording the highest 1.1380.
On the technical side today, the current moves of the euro against the US dollar are settling below the resistance level of 1.1380, and we notice the negative signs that started appearing on the stochastic indicator on the 4-hour time frame.
The return of the downside path is the most likely, but with caution, knowing that stability below the 50-day moving average around 1.1260 level facilitates the mission required to visit 1.1240 and 1.1200 as initial targets, considering that the declining below 1.1200 forces the pair to extend its losses towards 1.1170.
Trading stability below 1.1390/1.1380 is an essential condition for continuing the expected bearish daily trend, and its breach will stop the downside trend immediately. The euro will witness a recovery against the dollar to visit 1.1460.
| S1: 1.1250 | R1: 1.1395 |
| S2: 1.1170 | R2: 1.1460 |
| S3: 1.1105 | R3: 1.1540 |
