EURUSD Technical Analysis: The EUR/USD pair opened today’s trading at 1.10052 and witnessed stable movements within a consolidation range before attempting to break through resistance levels during the US session.
The price is currently trading at 1.10337, while the daily high reached 1.10567 and the low recorded was 1.09431.
The pair is currently trading above the short- and medium-term moving averages, indicating positive momentum beginning to form on the short-term timeframes, supported by the crossover of technical indicators towards the upside.
EURUSD Technical Analysis: EUR/USD H1 Technical Analysis
- Technical Indicators:
MACD: Showing a positive crossover above the zero line, supporting the possibility of a continued upward trend.
Stochastic: Entering the overbought zone, which may indicate the possibility of a temporary correction before continuing the upward trend.
EMA 20 and EMA 50 Moving Averages: The price is trading above both moving averages, supporting a positive outlook in the short term.
Trading Outlook
- Positive Scenario: If the price stabilizes above 1.10577, we may witness a continued upward trend towards 1.10842 and possibly 1.10991.
- Negative Scenario: A break of the support at 1.09960 could lead to a decline towards the 1.09713 area.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.10577 | 1.09960 |
| Target Point 1 (TP1) | First resistance: 1.10842 | First support: 1.09713 |
| Target Point 2 (TP2) | Second resistance: 1.10991 | Second support: 1.09621 |
| Stop Loss (SL) | 1.09960 | 1.10577 |
The market is showing positive signs, supported by technical indicators and strong support levels. A break above current resistance enhances the chances of continuing the upward trend, especially as the market stabilizes above the moving averages. Traders are advised to focus on buying signals during corrections and monitor important economic news that may cause price fluctuations.
