Noor Trends News, Technical Analysis, Educational Tools and Recommendations
We adopted a neutral stance in the prior technical analysis due to conflicting signals. We highlighted that initiating buying positions would require confirmation of the pair’s breach above the 150.55 resistance level, paving the way for gains toward 150.80 and subsequently 151.20, resulting in substantial increases with the pair reaching its peak at 151.05.
Examining the technical aspect today, we are inclining towards a positive outlook, hinging on the pair’s stability above the 150.15 support level. The presence of the 50-day simple moving average further supports this positive momentum.
As long as the price maintains its position above 151.20, the upward trend is highly probable, targeting levels at 151.50 and 151.70.
The price must remain stable above the 150.45 support threshold to activate the bullish scenario. A breach of this level may prompt the pair to retest 150.00 and 149.65 before any potential upward movement.
A word of caution: We anticipate significant market volatility today, with the upcoming impactful statements from “Federal Reserve Governor Jerome Powell” and “European Central Bank Governor Christina Lagarde.”
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.
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