European session, Date: 07/02/2024
Introduction and overview
The EUR/USD pair opened the month of July with a price gap upward, from the 1.0710 area to the 1.0730 area. The euro is expected to cover this price gap. This pair reflects the relationship between the two largest economies in the world: the Eurozone and the United States of America. Below is a technical analysis of the EUR/USD pair based on currently available data. The pair is currently trading at $1.0725. The data indicates that prices are trading below most of the moving average crossings, reflecting the strength of the trend. The MACD indicator also shows the emergence of negative trend strength.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0733 | 1.0714 | Entry point |
| First resistance: 1.0756 | First support: 1.0688 | Target Point 1 (TP1) |
| Second resistance: 1.0770 | Second support: 1.0670 | Target Point 2 (TP2) |
| 1.0714 | 1.0733 | Stop Loss (SL) |
Conclusion
The EUR/USD pair is showing mixed signals at the beginning of July, with price gapping up reflecting market uncertainty. Trading the pair between most of the moving average crossovers indicates trend weakness, while the MACD indicator hints at the strength of the negative trend. Based on these data, it is important to monitor upcoming economic events that may affect this currency, as these developments will determine the future direction of the EUR/USD pair.
