Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook for the pair remains largely unchanged, with movements showing continued negative stability following strong resistance levels around 1.3770.
In terms of technical analysis today, a closer examination of the 4-hour timeframe chart reveals the emergence of a resistance level around 1.3770 formed by the simple moving average, strengthening the negative signals already apparent on the 14-day momentum indicator.
There is a possibility of a bearish tendency emerging during today’s trading session, with the aim of retesting the primary support level around the current trading levels of 1.3680. Monitoring the price behavior of the pair around this level is crucial, as a break below it may lead to extended losses towards 1.3630.
On the upside, if the price consolidates above 1.3770, it could prompt the pair to recover and complete its upward trajectory towards 1.3800 and 1.3830. Further gains may extend to visit 1.3870.
A note of caution: Today, high-impact economic data is expected from the American economy, particularly the results of the Federal Reserve Committee meeting and the press talk of the President of the European Central Bank. Additionally, the release of the consumer price index from Canada may result in heightened price volatility. Investors should exercise caution and remain alert to market developments.
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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