Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The euro incurred significant losses against the US dollar at the end of last week’s trading, within the expected bearish track during the previous technical report, touching the official target station at 1.0860, recording its lowest level at 1.0844.
Technically, and by looking at the 4-hour chart, there is some limited bullish bounce, and the pair is now hovering around the psychological barrier of 1.0900; the simple moving averages are still pressuring the price from above and support more bearish moves, and the stochastic is losing bullish momentum in addition to stability Trading is below the resistance level of 1.0940, and the most important is 1.0970.
Therefore, the continuation of the bearish tendency is more likely during today’s trading session, targeting 1.0845/1.0860 as a first target, taking into consideration that breaking 1.0845 extends the pair’s losses, paving the way towards 1.0785 and 1.0730, respectively.
The price consolidated above 1.0940, and most importantly 1.0970, which will immediately stop the suggested scenario, and recover the Eurodollar pair again, with the aim of retesting 1.1020.
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: |