Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The support levels published in the previous analysis at 1.4120, succeeded in limiting the bearish tendency that occurred during the previous session. The pair returned to the bullish rebound once again after it successfully retested the support.
On the technical side today, we tend to be positive in our trading, but cautiously depending on stability above 1.4130 in addition to the positive motive of the 50-day moving average that came back to hold the price from below.
Therefore, the bullish bias is likely today, targeting 1.4200/1.4210 as a first target, knowing that the confirmation of the breach of the aforementioned level strengthens the chances of an upside move towards 1.4270.
Activating the suggested scenario depends on trading remaining above 1.4130/1.4110, and breaking it will immediately stop any upside moves and put the price under negative pressure, aiming to re-test 1.4075.
| S1: 1.4130 | R1: 1.4210 |
| S2: 1.4075 | R2: 1.4270 |
| S3: 1.4020 | R3: 1.4305 |
