Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Trades tended to the negative during the previous trading session to return the pair to the bullish rebound due to stability above the previously published support floor at 0.9850.
On the technical side, today, we are inclined to the positivity, relying on the instability of trading above 0.9850, which is counted by the continuation of the pair obtaining positive stimulus from the 50-day simple moving average, in addition to the current attempts by stochastic to get rid of the negativity.
Therefore, we maintain our positive outlook, knowing that consolidation above 0.9950 is a catalyst that increases the possibility of retesting the parity point at 1.0000 as long as the pair is stable daily above 0.9850 around the 50.0% Fibonacci correction.
The return of trading stability below 0.9835 will immediately stop the proposed scenario and lead the pair to the official descending path, with an initial target of 0.9750.
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: 0.9845 | R1: 1.0000 |
| S2: 0.9750 | R2: 1.0070 |
| S3: 0.9675 | R3: 1.0150 |
