Noor Trends News, Technical Analysis, Educational Tools and Recommendations
During the previous trading session, the EUR/USD pair made upward attempts, testing the notable resistance level highlighted in the preceding technical report at 1.0715.
From a technical analysis perspective, the upward momentum remains somewhat limited. Upon closer examination of the 4-hour time frame chart, it’s observed that the Stochastic indicator is showing signs of losing its upward momentum. Additionally, the pair’s price continues to hold below the 1.0715 resistance level, marked by the 61.80% Fibonacci retracement.
Given these indicators, if daily trading persists below the 1.0715 resistance level, there’s a likelihood of the downtrend continuing. A breach below 1.0660 could pave the way for a decline towards 1.0620, with potential further losses extending to 1.0570.
Conversely, a breakout above the aforementioned resistance levels at 1.0720/1.0715 could invalidate the bearish scenario temporarily. In such a scenario, we might witness a brief recovery, with the pair aiming to retest 1.0770 and subsequently 1.0795, representing the 50.0% correction level.
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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