Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The EUR/USD pair has advanced, reaching our previously identified target of 1.0880 and peaking at 1.0888, confirming the positive outlook outlined in the previous technical report.
Technical Outlook:
Today’s analysis reveals a strengthening bullish momentum. The pair has broken above the pivotal 1.0840 resistance level (23.60% Fibonacci retracement), which now acts as a support level. The 50-day simple moving average (SMA) continues to provide positive support, and the Stochastic oscillator is showing signs of shedding its negative divergence and gaining positive momentum.
Upward Potential:
With the current bullish momentum and the pair holding above 1.0840, we anticipate further upward movement. The initial target is 1.0915, and a break and consolidation above this level could accelerate the rally towards 1.0940 and potentially extend to 1.0980.
Downside Risks:
However, traders should remain cautious as a return of trading stability below the 1.0840 support level could trigger a bearish correction, targeting 1.0790 and 1.0760.
Key Levels:
- Support: 1.0840 (23.60% Fibonacci retracement), 1.0790, 1.0760
- Resistance: 1.0915, 1.0940, 1.0980
Important Note:
The release of high-impact U.S. economic data today, including monthly producer prices, annual producer prices, core monthly producer prices without energy and food, and the preliminary reading of consumer confidence from the University of Michigan, could induce significant price volatility. Traders should closely monitor the market’s reaction to these data releases.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
| S1: |