Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The pair extended its bullish momentum, hitting the official target at 1.1870 and marking a session high of 1.1878, in line with the previously anticipated scenario.
Technical Outlook:
- Trend Support: Price continues to consolidate above the 50-day SMA, with movement aligned along the ascending trend line, reinforcing the bullish structure.
- Momentum: The RSI remains in overbought territory and is starting to show corrective signals, suggesting a potential for short-term pullbacks before buyers attempt to reassert control.
Probable Scenario:
- As long as trading holds above 1.1770, the bullish bias remains dominant.
- A decisive break above 1.1880 will strengthen bullish momentum, paving the way towards 1.1900, with scope to extend gains towards 1.1955.
Alternative Scenario:
- A clear break below 1.1770 and sustained trading under this level would revive selling pressure, exposing the pair to a retest of the 1.1710 support zone.
Risk Note: Markets are awaiting key U.S. economic events today, including the FOMC statement, economic outlook, Fed Chair’s press conference, and the interest rate decision. High volatility is expected during and after the releases.
Risk Disclaimer: Trading CFDs involves risks, and therefore the scenarios outlined above are not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.1785 | R1: 1.1905 |
| S2: 1.1710 | R2: 1.1955 |
| S3: 1.1665 | R3: 1.2025 |
