Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The euro exhibited a positive surge against the US dollar, in line with our expectations, reaching the official target station outlined in the previous technical report at the price of 1.0970. The currency pair recorded its highest level during the early trading of today’s session at 1.0964.
From a technical analysis standpoint today, a close examination of the 4-hour chart reveals that the pair has established a clear foundation above the psychological barrier support floor of 1.0900. Additionally, it maintains immediate stability above the resistance level of 1.0640, supported by positive signals from the simple moving averages, which further endorse the continuation of the upward movement.
With trading persisting above 1.0900, the preference is for the upward trend, targeting 1.0970, representing the 61.80% Fibonacci retracement. It’s crucial to note that price consolidation above this level serves as a motivating factor, augmenting and accelerating the strength of the daily upward trend. This development opens the path for further gains, with potential visits to 1.1000 and subsequently 1.1050.
Conversely, a breach below 1.0900 would rekindle downside possibilities, with an anticipated retest of 1.0850 initially.
A word of caution: Today, we are anticipating high-impact economic data from the American economy, specifically the results of the Federal Reserve Committee meeting and the press talk of the President of the European Central Bank. Additionally, the release of the consumer price index from Canada may lead to high price volatility. Investors should remain vigilant in response to these events.
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.
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