Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Calm, slightly negative trading characterized the movements of the euro against the U.S. dollar, remaining within the anticipated bearish trend. As noted yesterday, further decline depends on a break below the 1.1040 level.
From a technical perspective, the 4-hour chart shows that the pair has found solid support around 1.1040. While the Stochastic indicator suggests potential for positive signals, the simple moving averages continue to reinforce the daily downward trend.
As a result, there is a possibility of the downward correction continuing, especially if there is a decisive break below the 1.1040 support level. This could pave the way for a move toward 1.0990, with the decline potentially extending to 1.0950.
On the upside, if the pair stabilizes above 1.1100, it could regain strength, leading to a positive trading session with initial targets at 1.1140.
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.
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