EURUSD Technical Analysis: The EUR/USD pair started trading today with a bearish trend, as it witnessed a significant decline from its highest level so far at 1.0610 to its lowest point at 1.0539, and is currently trading at 1.0559. The daily chart shows that the pair is moving below the level of the main moving averages, which reinforces the indication of the possibility of the continuation of the bearish trend.
EURUSD Technical Analysis: Technical Indicators Analysis
- Moving Averages:
The price is currently trading below the simple moving averages in the short and medium term, including the simple moving average, which indicates that the general trend of the pair is leaning down. The Relative Strength Index (RSI) is not showing strong buying signals, which reinforces the negative outlook in the short term.
- MACD Indicator:
The MACD indicator is showing negative signals as it started to form a bearish crossover, reflecting the beginning of the negative trend and supporting the current bearish position. Moreover, it is noted that the indicator lines are moving away from the zero level, which reinforces the possibility of the continuation of the decline in today’s trading.
Outlook:
The EUR/USD pair is expected to continue its downward trend in the short term, as prices remain under constant selling pressure. If the price continues to move below 1.0600 levels, the pair may continue to test the next support levels around 1.0500, and the decline may extend below that if the negative pressure continues.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0590 | 1.0544 |
| Target Point 1 (TP1) | First resistance: 1.0610 | First support: 1.0512 |
| Target Point 2 (TP2) | Second resistance: 1.0625 | Second support: 1.0492 |
| Stop Loss (SL) | 1.0544 | 1.0590 |
Based on the current technical analysis, indicators suggest that the EUR/USD pair is currently in a bearish trend. We recommend following the pair’s movements closely during today’s sessions.
while keeping an eye on any potential breaches of current support levels.
