Euro Dollar Technical Analysis. The Euro Dollar pair opened last week at $1.1025, and managed to achieve its highest price during this week at $1.1200. while its lowest price was at $1.1022, and it closed trading at $1.1190. As for this week, the pair started at $1.1190, and achieved its highest level so far at $1.1201, while its lowest level was recorded at $1.1149. Currently, the Euro Dollar is trading at $1.1170.
Euro Dollar Technical Analysis: Technical Outlook
The chart indicates that the Euro Dollar pair has entered a consolidation zone. reflecting a state of uncertainty and hesitation in the market. There is a clear weakness in the moving average indicators. which reinforces expectations that the pair may struggle to achieve any significant progress. The MACD indicator reflects this weakness by crossing its lines near the zero level. indicating that the bullish momentum lacks enough strength to push prices higher.
MACD Forecast
As the trend continues to weaken, the MACD indicator is expected to remain in a sideways range, with the possibility of negative crossovers indicating that selling pressure may continue. Unless there is a significant shift in market dynamics or a strong correction in prices, the pair is likely to remain trapped in this range, with a downward bias.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.1180 | 1.1160 | Entry point |
| First resistance: 1.1210 | First support: 1.1130 | Target Point 1 (TP1) |
| Second resistance: 1.1240 | Second support: 1.1100 | Target Point 2 (TP2) |
| 1.1160 | 1.1180 | Stop Loss (SL) |
In short, the EURUSD pair is showing a weakness in the upward momentum as reflected by the MACD indicator, indicating the possibility of continuing trading in a sideways range with downward pressures. It is advisable to monitor any changes in the fundamentals that may lead to a new move of the pair outside this range.
