Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The euro declined against the US dollar during the morning trading session today, retreating after several consecutive sessions of gains and failing to maintain its position above the psychological barrier of 1.0500.
From a technical perspective, a closer examination of the 4-hour chart reveals that the pair is holding below the 1.0460 level, with a 4-hour candle confirming this position. Additionally, the momentum indicator has started to exhibit negative signals, stabilizing below the midline of 50.
Given this setup, as long as intraday trading remains below the 1.0460 resistance level, the bearish outlook appears more likely, with an initial target of 1.0400. Breaking this level would pave the way for the pair to reach the next significant support at 1.0360.
On the upside, if the price manages to stabilize above 1.0460 for at least one hourly candle, it could prompt a recovery, leading to a retest of 1.0500. Should this upward momentum persist, further gains may extend toward the 1.0570 level.
Caution: The risk remains elevated due to ongoing geopolitical tensions, and all scenarios should be considered.
| S1: |