Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Quiet trading tilted to the positive during the US market holiday yesterday as EUR found a strong support level around 0.9900, which forced it to rise to retest 0.9970 gradually.
Technically and carefully considering the 240-minute chart, we find the euro is struggling to stabilize above the 0.9920 support level and, most importantly, 0.9900, accompanied by stochastic attempts to get more bullish momentum contradicts the pair’s stability below the 50-day moving average.
We tend to be positive in the coming hours, but cautiously, targeting 0.9970, and its breach is a catalyst that enhances the chances of visiting the resistance level of the psychological barrier 1.000 as long as the price is stable intraday above 0.9920.
The expected bullish bias does not contradict the general bearish trend as long as trading remains below the parity point of 1.0000. The price behavior of the pair should be carefully monitored around 1.0000 because consolidation above it can turn the intraday trend into an upward direction, and its targets start at 1.0080.
The decline below 0.9900 leads the pair to resume the official bearish path so that the door will be open towards 0.9850, a first target, and then 0.9700, the next price station.
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.
| S1: 0.9895 | R1: 1.0000 |
| S2: 0.9840 | R2: 1.0040 |
| S3: 0.9800 | R3: 1.0080 |
