Noor Trends News, Technical Analysis, Educational Tools and Recommendations
In the latest update, the EUR/USD pair encountered resistance at the previously mentioned level of 1.0715, hindering its upward momentum. Currently, the pair is hovering around the psychological barrier of 1.0700.
Analyzing the technical indicators, the upward trend remains constrained, with the Stochastic indicator signaling negativity. Furthermore, the pair continues to trade below the significant resistance at 1.0715, corresponding to the 61.80% Fibonacci retracement.
Given this, if daily trading persists below the 1.0715 level, the likelihood of a continued decline remains, with potential targets at 1.0660 and 1.0620, with further losses possible toward 1.0570.
Conversely, a break above the resistance at 1.0720/1.0715 could indicate a temporary recovery, possibly testing levels around 1.0770 and 1.0795, representing the 50.0% correction.
Please note, today’s trading may witness significant volatility due to the release of high-impact economic data from the US, including the Estimated GDP reading, pending home sales, and unemployment benefits.
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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