Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The single European currency continued its negative trading against the US dollar within the expected bearish context, gradually approaching the third expected target of 1.0840, recording its lowest level at 1.0855.
On the technical side, the Euro found a good support ground around 1.0850, forcing it to achieve some limited bullish bounce to retest the psychological barrier of 1.0900. With a closer look at the 240-minute chart, the Simple Moving Averages continue their negative intersection, continuing to pressure the price from above; we find that stochastic is trying to provide weak positive signals.
From here, with steady intraday trading below 1.0910, and in general, below the previously broken support, which has now been converted to the resistance level of 1.0955, the 61.80% correction.
The bearish scenario remains the most likely, towards the third target of the previous technical report, 1.0840, and then 1.0775, the awaited official station.
The price’s consolidation once again above 1.0955 postpones the activation of the bearish scenario but does not cancel it, and we may witness a retest of 1.1000 before determining the next price destination.
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: |