EUR/USD Technical analysis. The EUR/USD pair has been trading in a clear upward range since mid-week, after breaching key technical resistance levels. This trend is supported by a relative calm in the US dollar’s movement, along with markets awaiting some European data today.
EUR/USD Analysis: Technical Overview
The current trend is bullish, as the price has maintained its trading above the short-term moving averages, supported by positive momentum from the MACD indicator, which remains in the positive zone, along with a bullish crossover on the Stochastic indicator, which enhances the chances of continuing the rise.
Technical Indicators Analysis:
- Moving Averages: The price is above the ascending trend line and the 100 EMA, reflecting technical stability in momentum.
- MACD: Shows positive signals despite some oversold conditions.
- Stochastic: Shows a bullish crossover from moderate levels.
Expected Scenarios for the EUR/USD
Positive Scenario:
A break above the 1.1386 resistance level could push the price towards 1.1417, then 1.1450.
Negative Scenario:
A break above the 1.1321 support level could lead to a downward movement towards 1.1289, then 1.1250.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.13568 | 1.13312 | Entry point |
| First resistance: 1.13935 | First support: 1.12891 | Target Point 1 (TP1) |
| Second resistance: 1.14230 | Second support: 1.12590 | Target Point 2 (TP2) |
| 1.13312 | 1.13568 | Stop Loss (SL) |
The euro appears to have enough momentum to continue rising in the short term, as long as the price remains above the 1.1321 support level, while awaiting European data results to confirm the trend.
- Impactful economic data:
- Eurozone Consumer Confidence Index is due at 11:00 GMT.
