Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook is unchanged, maintaining the bearish bias against its American counterpart after it started pressing on the 1.3080 level.
On the technical side today, and by looking at the 4-hour chart, the current moves are witnessing stability below 1.3100, and the 50-day moving average is still a negative obstacle to the pair’s movements.
Therefore, the possibility of continuing the decline is still valid, targeting 1.3025, the next stop, with targets may extend later to visit 1.2990 and 1.2975, respectively, as long as the price is stable intraday below the psychological barrier of 1.3100 and in general below the main supply point for the current trading levels at 1.3175.
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.
Reminder: Fed’s statement is due later in today’s session, and we may witness high price fluctuations.
| S1: 1.3025 | R1: 1.3110 |
| S2: 1.2975 | R2: 1.3170 |
| S3: 1.2900 | R3: |