Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The euro is attempting to renew its bullish momentum against the U.S. dollar in early trading, after successfully holding above the key support level at 1.1525.
Technical Outlook:
The pair is currently trading near the session high of 1.1585. The chart indicates early signs of easing downside pressure from the 50-period Simple Moving Average (SMA), while the Relative Strength Index (RSI) is showing clear bullish signals, aiming to build upward momentum and support continued gains.
Probable Scenario:
As long as the pair holds above the 1.1540 level, the near-term outlook remains positive. A confirmed break above the psychological resistance at 1.1600 would likely act as a bullish catalyst, opening the way for further gains toward 1.1640 and 1.1665 as the next resistance zones.
Alternative Scenario:
On the other hand, if the pair fails to hold above 1.1540 and closes below it on the hourly chart, this may reintroduce downside pressure. In that case, a retest of the 1.1500 support level could occur before any renewed bullish attempts.
Warning: Trading CFDs carries risk. This analysis is not a recommendation to buy or sell, but an illustrative interpretation of chart movements.
| S1: |