EURUSD Technical Analysis: The EUR/USD pair is witnessing an upward movement during today’s trading, as the pair’s highest level so far reached 1.0601 and the lowest level 1.0522, to currently trade at 1.0578. This narrow price range reflects relative stability, with the bullish momentum remaining dominant.
EURUSD Technical Analysis Technical Analysis:
We notice that the pair is currently trading above the main moving averages, indicating the strength of the bullish trend in the short and medium term. The price movement above these averages enhances optimism about the continuation of the positive trend.
The MACD indicator is showing a noticeable improvement, as it has started to show positive signals with an increase in the strength of the bullish trend after a period of fluctuation and relative weakness. This improvement in the MACD indicator indicates that the bullish momentum has started to gain greater strength, which enhances expectations of the continuation of the bullish movement.
Future Outlook:
If prices continue to trade above the moving averages, the pair is expected to continue moving towards higher resistance levels, with 1.0600 and 1.0650 as potential targets in the near term. In case of a decline below the key support levels at 1.0520, we may see bearish pressures leading to a test of lower support levels.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0593 | 1.0546 |
| Target Point 1 (TP1) | First resistance: 1.0618 | First support: 1.0529 |
| Target Point 2 (TP2) | Second resistance: 1.0630 | Second support: 1.0519 |
| Stop Loss (SL) | 1.0546 | 1.0593 |
The current technical analysis indicates a possible continuation of the bullish trend in the short to medium term, supported by the price trading above the moving averages and positive momentum appearing on the MACD indicator. If the pair continues to stabilize above these technical levels, the pair may witness further upward movement towards higher targets. However, it remains important to monitor the key support and resistance levels to ensure that future trends are followed.
