Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook for the EUR/USD pair remains consistent with a gradual upward trend, with no significant deviations observed as it endeavors to sustain its upward trajectory.
Upon closely examining the 240-minute timeframe chart, it is evident that the simple moving averages continue to support the price from below, reinforcing the bullish technical structure depicted on the chart.
Given this analysis, as long as daily trading persists above the robust support level at 1.0860, the bullish scenario remains viable and impactful. The initial target remains at 1.0960, with a successful breach of this level expected to amplify and expedite the upward momentum. Subsequently, further gains could potentially be realized towards 1.1030, with 1.1070 serving as a significant milestone along the way.
However, it’s crucial to acknowledge that a dip below 1.0860 would reintroduce the possibility of a bearish bias prevailing once again. In such a scenario, attention would be directed towards the 1.0810 level to ascertain the subsequent price direction.
This reminder underscores the importance of monitoring key support and resistance levels to gauge potential shifts in market sentiment and price dynamics accurately.
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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