Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook for the pair remains unaltered, with no significant shifts in its movements. The currency pair has managed to sustain positive stability, finding a foothold on the support level of 1.3710.
In today’s technical analysis, we are inclined towards a positive trading stance, drawing confidence from the pair’s stability above the 1.3710 support level. This confidence is reinforced by the positive signals emanating from the Relative Strength Index, which remains above the 50 midline.
Given the current scenario, the most probable direction for the day is upward, contingent upon a confirmed breach of the 1.3800 level. Such a breach acts as a motivating factor that could bolster the pair’s gains, opening a direct path towards 1.3845 and 1.3880.
However, it is essential to note that any return to trading stability below 1.3710 could disrupt the proposed bullish scenario, potentially leading the pair on a downward trajectory. In such a case, downside targets start at 1.3650 and may further extend towards 1.3610.
A word of caution: The Stochastic indicator is currently attempting to mitigate immediate negative signals, potentially causing price fluctuations until a definitive market direction is established.
Additionally, today’s market activity is influenced by high-impact press talks, particularly from “Federal Reserve Governor Jerome Powell” and “European Central Bank Governor Christina Lagarde.” Expectations of substantial price fluctuations are advised.
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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