EURUSD Technical Analysis: The EUR/USD pair is trading in a bearish trend today, as the pair recorded its highest price so far at 1.0407, while it recorded its lowest price at 1.0386. Currently, it is trading at 1.0400, reflecting a relative weakness in price action. Today’s technical analysis shows that prices are trading below the moving averages, reinforcing the bearish trend that dominates the market.
EURUSD Technical Analysis: Technical Analysis
By analyzing the moving averages, we notice that prices are moving below the short- and long-term moving averages, indicating weakness in the upward trend and confirming the continuation of the downward trend. This is also evident in price movements that remain confined to a narrow range, indicating that the market may face a state of hesitation before determining its next direction.
MACD Indicator:
MACD Indicator shows a negative signal, as it indicates a weakness in the downward momentum. However, a positive crossover is still emerging that could indicate a possible correction in the price in the near term, reflecting the need for caution in making quick trading decisions under these circumstances.
Today’s Trading Outlook:
Given the current situation, the pair is expected to remain in a bearish trading range during the day, with the possibility of testing strong support levels near 1.0380. In case of a break below this level, the downtrend may continue and target lower levels. However, if the pair manages to consolidate near the current levels, it may witness a limited upward correction.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0420 | 1.0390 |
| Target Point 1 (TP1) | First resistance: 1.0431 | First support: 1.0374 |
| Target Point 2 (TP2) | Second resistance: 1.0441 | Second support: 1.0355 |
| Stop Loss (SL) | 1.0390 | 1.0420 |
Technical analysis indicates that the EUR/USD pair is still in a downtrend, with weak signs of bearish momentum according to the MACD indicator. Traders should follow the price action closely, as any sudden moves can lead to trend reversals. The overall trend remains bearish, with caution for short-term corrections.
