Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Quiet trading dominated the movements of the Euro against the US dollar within the idea of retesting the resistance, as we expected yesterday, touching the target of the first retest 1.0200, recording the highest level at 1.0203.
Technically, and by looking at the chart, we find the intraday movements of the pair are stable below the resistance level of the psychological barrier 1.0200, and the pair is still moving below the 50-day simple moving average, in addition to the return of the negativity features on the momentum indicator.
Therefore, the bearish scenario might be the most likely, targeting 1.0130 first target and extending towards the descending official target 1.0100, a waiting station that may determine the next price movement.
Consolidate above 1.0200 postpones the suggested scenario, and we may witness a temporary recovery for the Euro, with the aim of 1.0240 and 1.0275, 50.0% Fibonacci correction.
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: 1.0130 | R1: 1.0200 |
| S2: 1.0090 | R2: 1.0240 |
| S3: 1.0060 | R3: 1.0275 |
