Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The euro-dollar pair continues to achieve gains within the gradual rise, as we expected, and currently hovering near its highest level during the morning trading of today’s session, at 1.1255.
On the technical side, the pair was able to build on the support of the psychological barrier 1.1200, accompanied by stability above the 50-day simple moving average, which supports the chances of an upside and stimulates the positive signs coming from the 14-day momentum indicator.
From here, with steady daily trading above 1.1200, that encourages us to keep our positive outlook, targeting 1.1280/1.1275 as the first official target, taking into consideration that the price’s consolidation above the level above increases and accelerates the strength of the bullish trend, opening the door visit to 1.1320 and 1.1380 later.
Trading stability below 1.1200 postpones the chances of rising but does not cancel them, and we may witness a re-test of 1.1160 before attempts to rise again.
Note: Today we are awaiting high-impact economic data issued by the US economy “retail sales” and from Canada, we await the “consumer price index” and we may witness high volatility at the time of the news release.
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: |