Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The EUR/USD pair continued its positive momentum during the early trading sessions of the week, confirming the expected bullish trend mentioned in the previous technical report. The pair reached a peak of 1.0960 in the morning session, and the report emphasized that the confirmation of breaching this level could strengthen the likelihood of further gains.
From a technical analysis perspective today, examining the 4-hour chart reveals that the simple moving averages are supportive of a potential upward movement. This alignment coincides with positive signals from the 14-day momentum indicator.
Therefore, the prevailing trend is likely to be positive during the current session. The confirmation of breaching 1.0960, which represents the 61.80% Fibonacci retracement level, can act as a catalyst for further upward movement towards 1.0980 and 1.1030, serving as an initial target. Additionally, traders should be attentive to the possibility of extended gains beyond 1.1030.
Conversely, a return to trading stability below 1.0860, confirmed by the closing of at least an hour candle, has the potential to derail the suggested bullish scenario. This could lead the pair to retest support levels at 1.0800 and 1.0785.
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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