Noor Trends News, Technical Analysis, Educational Tools and Recommendations
We remained neutral during the previous report due to the conflicting technical signals, clarifying that the price should be monitored below at 1.1260 and above at the main demand point 1.1380.
Technically, the current movements of the euro are witnessing stability below 1.1330, the resistance of the descending price channel line, as we find the simple moving averages started to pressure the price from above, and the 50-day average meets around the level of the psychological barrier of 1.1300.
Therefore, we may witness a negative trading session for the EUR/USD pair, provided that we confirm breaking the pivotal demand point 1.1260, and that facilitates the task required to visit 1.1200, and then 1.1175 as a next price.
A breach of the upside areas of 1.1380/1.1375 will immediately stop the bearish trend on the intraday basis, and the euro will recover again, targeting 1.1420 and 1.1520, respectively.
| S1: 1.1260 | R1: 1.1335 |
| S2: 1.1210 | R2: 1.1375 |
| S3: 1.1175 | R3: 1.1420 |
