Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The single European flag faced selling during the last trading session due to hitting the strong supply level at 1.1380, which forced it to trade negatively to retest the psychological support level of 1.1300.
Today’s technical aspect indicates the possibility of continuing the decline. With a closer look at the 4-hour chart, we find the 50-day simple moving average, which started to pressure the price from above, accompanied by the 14-day momentum indicator gaining negative signs.
Therefore, today’s preferred scenario is the bearish scenario, targeting 1.1260, a first target, and breaking it increases and accelerates the strength of the bearish trend. We will be waiting for 1.1220, and losses may extend to visit 1.1160.
We remind you that activating the above-suggested scenario depends on the stability of trading below 1.1380 and its penetration can thwart what was mentioned above. We are witnessing a positive trading session whose first target is 1.1460.
| S1: 1.1260 | R1: 1.1360 |
| S2: 1.1220 | R2: 1.1420 |
| S3: 1.1160 | R3: 1.1465 |
