European session, Date: 07/05/2024
Introduction and overview
The EUR/USD pair opened the first week of July at 1.0738, and its highest price so far was 1.0825 and its lowest price so far was 1.0709. This week, the Euro witnessed a price rise of 116 points. Below is a technical analysis of the EUR/USD pair based on currently available data. The pair is currently trading at $1.0812. The data indicates that prices are trading above most of the moving average crossings, reflecting the strength of the trend. The MACD indicator also shows a weakness in the strength of the positive trend.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0838 | 1.0813 | Entry point |
| First resistance: 1.0859 | First support: 1.0791 | Target Point 1 (TP1) |
| Second resistance: 1.0885 | Second support: 1.0770 | Target Point 2 (TP2) |
| 1.0813 | 1.0838 | Stop Loss (SL) |
Conclusion
Analysis of the EUR/USD pair for this week shows a continuation of the uptrend, despite some weakness in technical indicators such as the MACD. The pair remains supported by trading above the moving average crosses, indicating potential strength in the upside trend ahead. Traders must monitor critical levels and technical signals to determine appropriate entry and exit points in light of ongoing market changes.
