European session, Date: 07/30/2024
introduction
EURUSD Technical Analysis today. The Euro-Dollar pair concluded the fourth week of July 2024 in a bearish trend, as it fell from a price of $1.0885 to $1.0857, recording a loss of about 30 points. The pair moved between a high of $1.0902 and a low of $1.0825, reflecting a slowdown in price action. At the beginning of this week, the pair opened at $1.0856 and is currently trading at $1.0833. In this EURUSD Technical Analysis, we will discuss the current performance of the pair and the most prominent factors affecting its movements.
Overview
During the fourth week of July 2024, the Euro-Dollar pair traded in a bearish trend, recording a high of $1.0902 and a low of $1.0825. The pair closed the week at $1.0857, reflecting a slowdown in price action and a decline of around 30 pips. At the start of the current week, the pair opened at $1.0856 and is currently trading at $1.0833.
Despite the EUR/USD price dropping to $1.0833 today, the pair is trading above most of its moving averages, which could indicate some support. However, the MACD indicator is showing a weakness in the sellers’ strength, which means that some volatility in the trend is likely.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0837 | 1.0828 | Entry point |
| First resistance: 1.0850 | First support: 1.0815 | Target Point 1 (TP1) |
| Second resistance: 1.0875 | Second support: 1.0785 | Target Point 2 (TP2) |
| 1.0828 | 1.0837 | Stop Loss (SL) |
Conclusion
With the continued weakness in the selling momentum and the pair trading above most of the moving averages, the EURUSD pair may witness some stability or slight rise in the short term. Traders are advised to monitor key technical levels and technical signals that may support or reverse the current trend. Utilizing fundamental and technical analysis will be essential to make informed trading decisions and ensure the best possible returns.
