Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The EUR/USD pair exhibited minimal change during the initial trading sessions of the week, trading within a sideways range. The pair’s price continues to maintain negative stability below the 1.0715 resistance level.
In terms of technical analysis today, a closer examination of the 4-hour timeframe chart reveals the simple moving averages crossing downwards, exerting pressure on the pair from above. This trend is accompanied by a loss of upward momentum indicated by the Stochastic indicator.
As long as daily trading remains below the 1.0710 resistance level, situated around the 61.80% Fibonacci retracement level on the 4-hour timeframe chart, the potential for further decline persists. A breach below 1.0620 could facilitate a move towards expected targets at 1.0575 and 1.0520, with possible extensions towards 1.0430.
Conversely, a breakout above the aforementioned resistance zone of 1.0720/1.0710 could delay the bearish scenario, leading to a temporary recovery phase with the objective of retesting 1.0770.
A word of caution: Today’s trading landscape is punctuated by the release of impactful economic data emanating from the American economy, notably the “Consumer Confidence Index.” Consequently, heightened volatility is anticipated upon the dissemination of this news.
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