Noor Trends News, Technical Analysis, Educational Tools and Recommendations
We adhered to intraday neutrality during the previous report due to the conflicting technical signals, in addition to trading within a narrow range from above 0.9980 and below 1.0040, to see the euro tried to form a bullish attack during the last session’s trading, explaining that consolidation above the extended resistance 1.0055/1.0045 and the price stability above it, provides an opportunity for a correction Simple and bullish, its target is 1.0100, to settle for recording the top 1.0080.
On the technical side, the current moves are witnessing the return of price stability again below 1.0060, and we find the stochastic started to gradually lose the bullish momentum, which supports the possibility of a decline. On the other hand, the 50-day simple moving average still supports the possibility of starting an ascending wave.
With the continuation of conflicting technical indicators, in addition to the return of the price being trapped between the levels mentioned above, this makes us monitor the price behavior of the pair and wait for the following:
For a strong bearish trend, we must witness a break of 0.9980, and that will facilitate the task required to visit 0.9910 and 0.9865 next official stations.
The beginning of forming a bullish wave for the euro requires consolidation and stability above 1.0080, and that will motivate the price to touch 1.0130 and 1.0180, and targets may extend later towards 1.0220.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
| S1: 0.9975 | R1: 1.0060 |
| S2: 0.9910 | R2: 1.0130 |
| S3: 0.9865 | R3: 1.0180 |
