Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Quiet trading dominated the movements of the euro against the US dollar amid a holiday in the US markets yesterday, to hit a low of 1.2053.
Technically speaking, the current trading is witnessing a slight bullish bias due to the return of the price’s stability above the support level of 1.2065 represented by the 38.20% Fibonacci correction, and by moving to short time frames, we find the RSI indicator began to provide positive signals, on the other hand, we see the stochastic indicator started to lose the bullish momentum, in addition to the intraday stability below 1.2130.
We tend to be negative in our trades, but we prefer to wait for the price to return to stability below 1.2065, which facilitates the mission to visit 1.2000 first target, and then 1.1975, 50.0% retracement.
In general, we will continue to favor the bearish corrective direction unless we witness any trading above 1.2170.
| S1: 1.2035 | R1: 1.2155 |
| S2: 1.2000 | R2: 1.2210 |
| S3: 1.1940 | R3: 1.2260 |
