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The previously mentioned support level at 1.3815 successfully contained the bearish momentum that emerged at the start of the last trading session.
From a technical perspective, the trend is leaning towards positivity. The 50-day simple moving average continues to support the potential for an upward movement. Intraday trading maintains stability above the 1.3815 support level, and the Stochastic indicator is attempting to overcome the current negativity and gain additional momentum.
Given the stability of trading above 1.3815, it reinforces our positive outlook, with a target set at 1.3875. It’s important to note that consolidation above this level acts as a catalyst, increasing the likelihood of an ascent towards 1.3910 and 1.3940, which are anticipated key levels.
However, while a return to trading stability below the 1.3815 support level will delay upward opportunities, it will only partially nullify them. In such a scenario, a retest of 1.3760 and 1.3720 might be witnessed. Monitoring these levels closely is crucial for assessing the market’s future direction.
Please note that today, the market is awaiting significant economic data from both the US, including the Consumer Confidence Index, and Canada, particularly the monthly gross domestic product. When these news releases occur, there might be substantial price fluctuations.
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.
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