Noor Trends News, Technical Analysis, Educational Tools and Recommendations
During the previous report, we maintained a neutral stance due to conflicting technical signals; however, the pair has continued its upward attempts, reaching its highest level in the previous session at 150.68.
Today, from a technical standpoint, we are inclined towards positivity, driven by the positive influence of the 50-day simple moving average and the bullish structure evident on the 4-hour chart.
As long as daily trading remains above 150.10, the upward bias is favored, with an initial target set at 150.80, followed by 151.10, which serves as the initial official station. Subsequent targets may extend towards 151.50.
A breach below 150.10, particularly below 150.00, would exert negative pressure on the price, potentially leading to a bearish bias aimed at retesting 149.65 before resuming upward attempts.
Warning: Given the current market conditions, the risk level may be high. Traders should exercise caution and implement appropriate risk management strategies.
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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