European session, Date: 07/23/2024
Introduction and overview
The EUR/USD pair is trading in a sideways trend, oscillating between two main levels. The support level is at 1.0877, while the resistance level is at 1.0890. This sideways movement indicates market indecision and the lack of strong momentum in the trend. These levels are crucial for traders to monitor, as a break above resistance may indicate an uptrend, while a break below support may indicate a downward trend. The EUR/USD pair is currently trading at $1.0877. Most of the moving averages for the EUR/USD pair show weakness. This indicates a lack of strong momentum in the trend, the MACD indicator is currently indicating strength in the downtrend. This suggests that downward momentum is increasing, and the pair may break the support level if this trend continues.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0895 | 1.0875 | Entry point |
| First resistance: 1.0920 | First support: 1.0850 | Target Point 1 (TP1) |
| Second resistance: 1.0950 | Second support: 1.0825 | Target Point 2 (TP2) |
| 1.0875 | 1.0895 | Stop Loss (SL) |
Conclusion
Based on the current technical data, the EUR/USD pair is expected to face resistance in its attempt to achieve additional gains. As technical indicators remain weak, traders should be cautious and monitor future developments closely. The last week of July 2024 remains crucial for determining the future direction of the pair, as the upcoming moves will be influential in shaping the features of the future trend.
