Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Sideways trading with the narrow range dominating the euro’s movements against the US dollar, confined from the bottom above the psychological support level of 1.1600 and below the resistance level of 1.1680.
Technically, we notice some bearish bias due to trading stability below the 1.1680 resistance level represented by the 23.60% Fibonacci correction as shown on the chart, in addition to the negative signs that started appearing on the RSI.
On the other hand, stochastic is hovering around the oversold areas, and we notice the stability of the intraday trading above 1.1600, which contradicts the technical factors mentioned above.
Therefore, we prefer to stand aside for the moment due to the conflicting technical signals, and we wait for the daily trend to become more accurate, waiting for one of the following scenarios.
The continuation of the effect of the bullish trend depends on the price stability above 1.1600, which increases the possibility of touching 1.1680, 23.60% correction, and gains may extend later to visit 1.1720.
The decline below the 1.1590/1.1600 support level puts the price under negative pressure, targeting a retest of 1.1560/1.1540 in a row before attempts to rise again.
| S1: 1.1590 | R1: 1.1680 |
| S2: 1.1560 | R2: 1.1720 |
| S3: 1.1520 | R3: 1.1770 |
