Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Eurodollar pair continues its efforts to maintain the bullish context within a gradually ascending path to the upside, as we expected during the previous report, approaching the official target of 1.0940, recording its highest level at 1.0926.
On the technical side today, we maintain the same technical conditions of the previous trading session. Moreover, despite the clear negativity signs on the stochastic indicator, we find that the relative strength index continues to provide positive signals, in addition to the continuation of the pair receiving a positive impulse from the simple moving averages.
Therefore, the bullish scenario remains valid and effective, continuing towards the official target of the previous report, 1.0940, an officially awaited station, knowing that its breach is a catalyst that increases and accelerates the strength of the bullish trend, to wait for 1.0970, and the gains may extend later towards 1.1030.
Activating the suggested scenario depends on trading consolidating above 1.0840, and we must be careful that the return of trading stability below the mentioned level leads the pair to retest the strong support floor 1.0745, 61.80% correction, before rising again.
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: 1.0835 | R1: 1.0940 |
| S2: 1.0770 | R2: 1.0970 |
| S3: 1.0725 | R3: 1.01035 |
