Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The single European currency continues to achieve losses against the US dollar within the negative future outlook, as we expected it to touch the first target of 1.1560, a few points from the official target station 1.1500, recording the lowest price at 1.1528.
Technically, we notice some positive movements that target a retest of the previously broken support level, which is now turning into a resistance level at 1.1570 / 1.1560.
By looking at the chart, we find the 50-day moving average still pressuring the price from above, in addition to the stability of the intraday trading below 1.1600, and most importantly 1.1640 23.60% Fibonacci retracement.
Therefore, we maintain our negative expectations, towards the official station of the current bearish wave 1.1500, and it is advisable to monitor the price behavior of the pair around this level because breaking it increases the strength of the bearish trend and opens the door for 1.1450 and 1.1420 respectively.
| S1: 1.1500 | R1: 1.1600 |
| S2: 1.1450 | R2: 1.1640 |
| S3: 1.1390 | R3: 1.1680 |
