EURUSD Technical Analysis: Today, the EUR/USD pair is witnessing a bearish trading movement after testing the daily high at 1.0666. Then, the price retreated to reach a low at 1.0604, and is currently trading near 1.0617. The market seems to be facing clear downward pressure, as prices are trading below the moving averages, which enhances the possibility of the downward trend continuing in the short term.
EURUSD Technical Analysis: Technical Analysis
- Moving Averages:
The moving averages analysis indicates that the negative pressure on the pair continues. Prices are moving below the simple moving averages on short-term periods, which reflects that sellers are controlling the current trend. If the price continues to trade below the averages, the downward trend may continue in the coming sessions.
- MACD Indicator:
The MACD indicator also reflects strong negative signals. A bearish crossover appears between the MACD line and the signal line, indicating a shift in the strength of the trend in favor of sellers. This signal indicates that the bearish momentum may continue unless a radical change in the market movement appears.
- General Market Momentum:
As the price continues to trade below the mentioned levels, the negative momentum remains dominant, which reinforces the hypothesis of a continued decline in the coming period, unless major changes occur in the fundamental or technical factors.
Today’s Trading Forecast:
Based on the current technical analysis, the EUR/USD pair is expected to remain under selling pressure in the coming hours. If trading continues below the 1.0630 level, we may see further decline towards the next support level at 1.0600 or even 1.0570. On the other hand, if the pair manages to break the nearby resistance levels at 1.0650, it may head towards testing 1.0700.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0646 | 1.0598 |
| Target Point 1 (TP1) | First resistance: 1.0667 | First support: 1.0571 |
| Target Point 2 (TP2) | Second resistance: 1.0678 | Second support: 1.0559 |
| Stop Loss (SL) | 1.0598 | 1.0646 |
The pair is currently facing clear downward pressures, and both the moving averages and the MACD are pointing to the continuation of this negative trend in the short term. It is important to monitor the nearby technical levels and follow any signals of a trend change in case of any sudden fluctuations.
