Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Euro/Dollar pair experienced subdued trading dynamics throughout the initial sessions of the previous week, characterized by a marginal upward bias aimed at retesting the pivotal resistance level positioned at 1.0860.
A meticulous examination of the 4-hour chart from a technical perspective reveals a promising outlook, notably with the 50-day simple moving average offering a supportive underpinning for a potential uptrend. Concurrently, the Relative Strength Index demonstrates signs of gathering upward momentum.
At present, the pair’s endeavor to fortify a robust support zone around the psychological threshold of 1.0800 indicates a prevailing bullish sentiment for the day. However, the sustained consolidation above 1.0860, acting as the primary resistance at current trading levels, is pivotal. Its breach serves as a compelling catalyst, heightening the likelihood of attaining the subsequent targets at 1.0930 and 1.0960.
It is imperative to note that materializing the envisaged bullish scenario hinges upon maintaining stability in daily trading above 1.0800, particularly emphasizing the significance of the 1.0790 mark. Conversely, a breach below this level would nullify the activation of the uptrend, exerting negative pressure on the pair, with downside targets commencing at 1.0750 and potentially extending further to 1.0700.
A word of caution: Today’s trading landscape is punctuated by the release of impactful economic data emanating from the American economy, notably the “Consumer Confidence Index.” Consequently, heightened volatility is anticipated upon the dissemination of this news.
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