EURUSD Technical Analysis: The EUR/USD pair continues to move in an upward direction during today’s session, recording a high of 1.0539 and a low of 1.0472, while it is currently trading at 1.0529.
EURUSD Technical Analysis: Price Action Analysis
The current trading above the moving averages reinforces the positive outlook for the pair, indicating the continuation of the bullish momentum in the short term. These indicators indicate that prices are in a strong support phase, which enhances confidence in the bullish trend despite some minor fluctuations.
MACD Indicator:
By analyzing the MACD indicator, a positive trend appears, as the bullish momentum continues to strengthen itself through the positive intersection between the MACD and Signal lines. These signals support the continuation of price movement in the upward direction during the coming period.
Economic Data and Its Impact on Trading:
The markets are anticipating the release of important economic data from the United States, such as the US unemployment claims, which will have a clear impact on market movement. In the event of strong data releases, this may lead to strengthening the US dollar, which may pressure the pair. However, if the data is weak, the pair may witness more support and strengthen the current upward trend.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0543 | 1.0502 |
| Target Point 1 (TP1) | First resistance: 1.0564 | First support: 1.0489 |
| Target Point 2 (TP2) | Second resistance: 1.0586 | Second support: 1.0479 |
| Stop Loss (SL) | 1.0502 | 1.0543 |
Based on technical indicators and upcoming economic data, the EUR/USD pair appears to be in an uptrend for now. However, it is important to monitor the impact of upcoming economic data on the markets, as any change in the US economy’s direction could lead to significant volatility in the pair’s movement.
