Noor Trends News, Technical Analysis, Educational Tools and Recommendations
In the previous trading session, the Euro/Dollar pair saw a predominant downward trend, exerting pressure on the psychological support barrier. It remained stable below this level, hitting its lowest point of 1.0774 during morning trading at the time of this report.
Upon closer examination of the 4-hour time frame chart from a technical analysis perspective, we observe that the simple moving averages continue to bear down on the price from above. This aligns with the persisting bearish technical structure evident on the chart.
Consequently, the prevailing expectation for the day leans towards a continuation of the downward trend, with a target set at 1.0765. It’s noteworthy that breaching this level could amplify the pair’s losses, potentially leading to further declines towards 1.0730 and 1.0700, respectively. Subsequent losses might extend towards 1.0665.
It’s important to bear in mind that trading stability reclaiming levels above the previously breached support, now turned resistance, notably at 1.0800 and crucially 1.0810, could delay the likelihood of a decline. However, this doesn’t eliminate the possibility entirely. We might witness a retest of 1.0860 before any renewed attempts at a downward movement.
A noteworthy event on the horizon is a speech by Jerome Powell, the Governor of the Federal Reserve, today, which could potentially trigger high price fluctuations.
It’s crucial to emphasize that trading CFDs involves inherent risks. Therefore, while various scenarios are conceivable, the analysis provided above serves as an illustrative interpretation of chart movements and should not be construed as a recommendation to engage in buying or selling activities.
A word of caution: Today’s trading landscape is punctuated by the release of impactful economic data emanating from the American economy, notably the “Consumer Confidence Index.” Consequently, heightened volatility is anticipated upon the dissemination of this news.
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