Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The EUR/USD pair maintained its bearish trajectory in the previous session, trading negatively below the 1.0875 resistance level and reaching a low of 1.0817.
Technical Analysis
A closer examination of the 240-minute chart reveals:
- Stochastic Indicator: Provides negative signals, supporting the potential for further decline.
- Moving Averages: Negative intersection of simple moving averages pressures the price from above.
- Bearish Formation: The chart shows a bearish technical formation.
Downward Targets
With daily trading remaining below the extended resistance levels of 1.0875 and 1.0900, the downward trend is likely to continue. Key targets include:
- First Target: 1.0800. Breaking below this level could lead to further declines.
- Initial Target: 1.0730.
Potential Reversal
If trading stabilizes above 1.0900, the bearish scenario could be invalidated, leading to a potential recovery. Key targets in this case include:
- First Target: 1.0970.
Market Volatility Alert
Today, we anticipate significant market volatility due to the release of high-impact economic data, including the preliminary readings of the services and manufacturing PMI indices for France, Germany, the United Kingdom, and the United States.
EUR/USD Analysis: Bearish Momentum Amid Key Economic Data
The EUR/USD pair maintained its bearish trajectory in the previous session, trading negatively below the 1.0875 resistance level and reaching a low of 1.0817.
Technical Analysis
A closer examination of the 240-minute chart reveals:
- Stochastic Indicator: Provides negative signals, supporting the potential for further decline.
- Moving Averages: Negative intersection of simple moving averages pressures the price from above.
- Bearish Formation: The chart shows a bearish technical formation.
Downward Targets
With daily trading remaining below the extended resistance levels of 1.0875 and 1.0900, the downward trend is likely to continue. Key targets include:
- First Target: 1.0800. Breaking below this level could lead to further declines.
- Initial Target: 1.0730.
Potential Reversal
If trading stabilizes above 1.0900, the bearish scenario could be invalidated, leading to a potential recovery. Key targets in this case include:
- First Target: 1.0970.
Market Volatility Alert
Today, we anticipate significant market volatility due to the release of high-impact economic data, including the preliminary readings of the services and manufacturing PMI indices for France, Germany, the United Kingdom, and the United States.
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