Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The single European currency succeeded in achieving the official target of the current downside wave published during the last analysis, located at the price of 1.1600, to record its lowest level against the US dollar at 1.1562.
Technically speaking, the 4-hour chart paints the regularity of the movement inside the descending channel, with the 50-day moving average puts weight on prices from above.
From here, with the stability of trading below the support level for the previously broken psychological barrier, which has now turned to the 1.1600 resistance, the bearish scenario remains valid and effective, targeting 1.1500/1.1510, the next official negative stop. Later targets may extend to 1.1475.
Activating the above suggested scenario requires consolidating the intraday trading below 1.1600 and generally below 1.1650 because rising above 1.1650 will postpone the chances of an upside run. We should see an intraday bullish trend that aims to retest 1.1720 before starting the decline again.
| S1: 1.1560 | R1: 1.1605 |
| S2: 1.1510 | R2: 1.1650 |
| S3: 1.1475 | R3: 1.1720 |
