EURUSD Technical Analysis: The EUR/USD pair is witnessing bullish movement during the current trading session, with trading centered around dynamic levels that reflect the current dominance of buyers. This performance is due to improved market sentiment toward the European currency, supported by fundamental and technical factors that indicate continued positive momentum in the near term.
EURUSD Technical Analysis: Price Action Analysis
The pair recorded a daily high of 1.10476, while the trading low reached 1.09184, reflecting a relatively wide trading range that indicates clear volatility. The pair is currently trading at 1.10057, amid attempts to test upper resistance. Price action above the major moving averages reinforces the positive signals, indicating the dominance of the uptrend, with the potential for continued momentum if prices hold above these averages.
Technical Analysis:
Using Indicators:
- Moving Averages: The pair is trading above its short- and long-term moving averages, supporting an uptrend. The moving average forms dynamic support that may encourage buyers to enter upon a bounce.
- MACD Indicator: The indicator is showing positive signals, with the signal line crossing upwards and the momentum zone above the zero level, enhancing the chances of a continued uptrend. This signal indicates increased buying momentum, especially when coupled with high trading volume.
Trading Expectations:
With the pair holding above the moving averages and the MACD confirming positive momentum, the technical outlook favors a continued uptrend toward the next resistance level around 1.10283, with a potential test of 1.10649 if the current resistance is broken. On the other hand, any downward correction will find initial support at 1.09705 and then 1.09454.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.10283 | 1.09705 |
| Target Point 1 (TP1) | First resistance: 1.10649 | First support: 1.09454 |
| Target Point 2 (TP2) | Second resistance: 1.10845 | Second support: 1.09321 |
| Stop Loss (SL) | 1.09705 | 1.10283 |
The pair is showing bullish performance supported by strong technical signals, but it is important to monitor price reactions at critical levels. Traders are advised to practice prudent risk management, focusing on testing overhead resistance as the primary target, while waiting for confirmation of a breakout or bounce before making new trading decisions.
