Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The euro failed to achieve the required rise during the previous trading session against the USD after it found a strong resistance level around the psychological barrier of 1.1800.
Technically, the euro starts pressing on the 1.1760 support level, and with careful consideration on the chart, the simple moving averages returned to pressure the price from above, and we find that the RSI started gaining bearish momentum on the short time frames.
Despite the technical factors that support the possibility of the downside, we await confirmation of breaking 1.1760 to target 1.1745, and then 1.1700/1.1690, respectively, an official station awaited, its bearish targets may extend later to visit 1.1660.
Rising again above the psychological barrier resistance 1.1800 will stop the current negative pressure, and we may witness a retest of 1.1830 and 1.1880, 61.80% Fibonacci correction.
| S1: 1.1745 | R1: 1.1830 |
| S2: 1.1690 | R2: 1.1860 |
| S3: 1.1660 | R3: 1.1905 |
