Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pair is showing positive intraday movements after testing the psychological support level of 1.3400 in the previous session.
Technical Outlook:
- Relative Strength Index (RSI): Beginning to show negative signals due to overbought conditions relative to price action, suggesting the potential for negative divergence.
- 50-day Simple Moving Average (SMA): Acting as dynamic resistance, maintaining downward pressure on the pair.
Likely Scenario:
- Bearish Case: The 1.3470 level, and more importantly 1.3480, remain pivotal. As long as the price holds below these levels, the downside bias is favored. A break of 1.3400 could extend losses toward 1.3375.
- Bullish Case: A confirmed breakout above 1.3480 may restore buying momentum, paving the way for gains toward 1.3530.
Note: Today’s focus will be on high-impact US economic data (Job Openings and Labor Turnover), which could trigger significant volatility.
Risk Warning: Risk remains high amid ongoing trade and geopolitical tensions, and all scenarios are possible.
Trading CFDs involves risks, and therefore all scenarios may be plausible. The information provided above is not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.3470 | R1: 1.3410 |
| S2: 1.3495 | R2: 1.3375 |
| S3: 1.3530 | R3: 1.3350 |
