Noor Trends News, Technical Analysis, Educational Tools and Recommendations
A noticeable surge for the EUR/USD pair at the end of last week’s trading within the expected bullish context in the previous analysis, approaching by a few points at the first required target at the price of 0.9900, recording its highest level at 0.9890.
On the technical side today, we find the simple moving average still holding the price from below, supporting the continuation of the bullish bias. On the other hand, we find the 14-day momentum indicator that started to provide negative signals accompanied by clear overbought signs on stochastic.
Although we tend to be positive, there is a possibility of a bearish bias in the coming hours, to retest 0.9770 around the 50-day simple moving average before trying to rise again.
Note: the bearish bias does not contradict the daily bullish trend, knowing that the upside move and the return of consolidation again above 0.9890 leads the pair directly to visit 0.9940, 61.80% Fibonacci correction as shown on the graph.
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.
| S1: 0.9725 | R1: 0.9920 |
| S2: 0.9615 | R2: 1.0005 |
| S3: 0.9530 | R3: 1.0115 |
