Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Quiet trading tended to be negative, dominating the movements of the euro against the US dollar, heading to touch our first target to be achieved, 1.1885, recording the lowest price of 1.1873.
Technically speaking, and with a closer look at the 4-hour chart, we find the euro is based on the strong support level of 1.1885 represented by the 61.80% Fibonacci correction as shown on the chart, and we find the RSI trying to obtain bullish momentum on short intervals.
On the prominence of the technical factors that support the possibility of a bullish slope in the coming hours, we find that the moving average is still pressing the price from the top.
Therefore, we prefer to remain neutral waiting for one of the following scenarios.
To get a daily bullish trend, we need stability above 1.1885, a correction of 61.80%, and we also need to witness a clear and strong breach of 1.1930, which is a catalyst that enhances the chances of the upside to retest 1.1975, a 50.0% correction.
Activating short positions requires breaking 1.1885, and from here the pair enters a strong descending wave, the initial target of which is 1.1820 / 1.1810.
| S1: 1.1865 | R1: 1.1930 |
| S2: 1.1835 | R2: 1.1975 |
| S3: 1.1800 | R3: 1.2020 |
