Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The support levels published during the previous analysis, located at 1.1775, were able to limit the slight bearish tendency within the scenario of retesting the support as we expected.
Technically, with the pair’s consolidating above the mentioned support, in addition to the positive stimulus from the simple moving averages that support the bullish path.
Consequently, we will maintain our positive expectations, noting that the price’s stability above 1.1850 / 1.1855 resistance is a catalyst that enhances the chances of the upside to visit 1.1880, a first target, and 1.1920 next stop awaited.
The activation of the bullish scenario depends on the intraday trading stability above 1.1775, and breaking it puts the price under temporary negative pressure that aims to retest the previously breached resistance-into-support 1.1720, the 23.60% Fibonacci retracement, as shown on the chart.
| S1: 1.1775 | R1: 1.1855 |
| S2: 1.1725 | R2: 1.1880 |
| S3: 1.1665 | R3: 1.1920 |
