EURUSD Technical Analysis: The EUR/USD pair is trading in a bearish trend during today’s session, as the market continues to respond to the negative pressures that have affected the price action recently. Looking at the current price action, the pair recorded its highest trading price so far at 1.0567 and its lowest at 1.0519. At the moment, the pair is trading at the 1.0530 level, indicating relative stability near this area.
EURUSD Technical Analysis: General Trend Analysis
The pair is clearly showing a bearish trend during the day, as prices are trading below the moving average indicators. This signal confirms the continuation of the negative pressure on the pair, which enhances the possibility of its continuation in this trend in the short term. The moving averages, especially on the short-term time frames, confirm that the market is still weak.
Technical Analysis:
Moving Averages:
The pair continues to trade below the main moving averages, which reflects the dominance of the bearish trend. If we look at the 50-period simple moving average on the daily time frame, we find that the price is trading below it, which reinforces the idea of continued seller pressure. The 200-period moving average also remains in the same downtrend, indicating that the overall market trend is negative.
MACD Indicator Analysis
The MACD indicator is showing a negative signal as its values are trading in the negative territory, with the MACD line continuing to diverge from the signal line, highlighting the ongoing strength in the downtrend. Through the analysis, we note that the negative momentum may increase if the buying momentum continues to weaken.
Trading Expectations:
Since trading continues below the moving averages and with the MACD indicator signal being negative, the pair is expected to continue its downtrend in the short term. We may witness a test of the 1.0519 level as an initial support, and if it is broken, we may see further decline towards the 1.0500 levels or below.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0548 | 1.0519 |
| Target Point 1 (TP1) | First resistance: 1.0557 | First support: 1.0504 |
| Target Point 2 (TP2) | Second resistance: 1.0568 | Second support: 1.0486 |
| Stop Loss (SL) | 1.0519 | 1.0548 |
The overall trend for the EUR/USD pair remains bearish as prices trade below the moving averages and the MACD indicator which indicates weak buying momentum. The downside pressure is likely to continue in the short term and support levels around 1.0519 and 1.0500 should be monitored which could determine the pair’s path in the coming period.
