European session, Date: 07/29/2024
introduction
The EURUSD Technical Analysis pair concluded the fourth week of July 2024 with a significant decline, as it started the week at $1.0885 and closed at $1.0857. During this week, the pair recorded a high of $1.0902 and a low of $1.0825, reflecting a downtrend and slowdown in price movement. In this EURUSD technical analysis, we will review the pair’s performance during the past week and the factors that affect its current trend.
Overview
The EURUSD pair opened the fourth week of July 2024 at $1.0885, recorded a high of $1.0902 and a low of $1.0825, and closed at $1.0857. This performance reflects a decline of almost 30 pips during the week, indicating a slowdown in price action. The pair opened this week at $1.0856 and is currently trading at $1.0842, highlighting the continuation of the downtrend. The EURUSD is trading below most of the moving averages, reinforcing the negative outlook for the pair. In addition, the MACD indicator indicates the continuation of the downtrend, increasing the likelihood of further decline in the price in the short term.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0847 | 1.0835 | Entry point |
| First resistance: 1.0867 | First support: 1.0815 | Target Point 1 (TP1) |
| Second resistance: 1.0895 | Second support: 1.0785 | Target Point 2 (TP2) |
| 1.0835 | 1.0847 | Stop Loss (SL) |
Conclusion
Under the current circumstances, it seems that the euro will remain under selling pressure against the US dollar, especially with the continued strength of the dollar index. Despite technical signals that may indicate a possible reversal, fundamental and technical factors support a continuation of the decline. Therefore, traders are advised to monitor key technical levels and upcoming economic reports to get a clearer picture about the future direction of the Euro.
