Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Euro continues to attempt to rise against the US dollar, but still limited, unable to consolidate above the main supply point published during the current week’s reports at 1.1380, which keeps the technical outlook unchanged.
From the technical analysis point of view today, the current movements of the Euro are still stable below the 1.1380 level represented by the 61.80% Fibonacci correction, as shown on the 240-minute chart, in addition to the clear negative signs on the stochastic indicator, as shown on the 4-hour chart.
There may be a possibility of a bearish tendency during the current session’s trading to visit the 1.1300 buying position, taking into account that the decline below 1.1300 may put the price under negative pressure towards 1.1265 next station, as long as the daily trading is stable below 1.1380.
Consolidation above the 61.80% Fibonacci correction of the pivotal supply point may stop the view of the decline, and the Euro may recover again towards 1.1410, and it may extend towards 1.1470 initial stations.
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: 1.1305 | R1: 1.1380 |
| S2: 1.1265 | R2: 1.1410 |
| S3: 1.1210 | R3: 1.1470 |
