Noor Trends News, Technical Analysis, Educational Tools and Recommendations
We adhered to intraday neutrality during the previous analysis due to the conflicting technical signals, explaining that reactivating the buying positions depends on consolidating above 1.2565 to target 1.2600, recording the highest 1.2612 during the early trading of the current session.
Technically, looking at the 4-hour chart, we find that the pair has returned to stability in general above the pivotal support 1.2500 floor, accompanied by the positive motive for the 50-day moving average and the positive signs of the 14-day momentum indicator.
Therefore, the bullish scenario is the most likely during the day. The price is stable intraday above 1.2600 to target 1.2635 an initial station. Its gains may extend later towards 1.2690 and 1.2720, respectively as long as the price is stable above 1.2500.
Remember that the pair’s failure to maintain trading above the strong demand point of 1.2500 can thwart the rise and lead the pair to enter a descending wave whose initial targets are around 1.2420.
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: |