European session, Date: 07/19/2024
Introduction and overview
During the third week of July, the EUR/USD pair witnessed strong price fluctuations that aroused the interest of traders and analysts alike. The pair opened this week at $1.0888, recording a high of $1.0947 and a low of $1.0870. These price movements reflect strong activity in the financial markets and offer an opportunity to conduct in-depth technical analysis to evaluate current and future trends. During the third week of July, the EUR/USD witnessed notable fluctuations, with a sharp rise on Wednesday, July 17 from the level of 1.0843 to 1.0944, equivalent to almost 100 pips in a very short time. This rise was followed by a strong bearish bounce the next day, reflecting instability in the markets. The pair is currently trading at $1.0885, below most moving average crossovers. The MACD indicator indicates a weakness in selling power, which may indicate a possible trend change.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0891 | 1.0879 | Entry point |
| First resistance: 1.0915 | First support: 1.0856 | Target Point 1 (TP1) |
| Second resistance: 1.0945 | Second support: 1.0825 | Target Point 2 (TP2) |
| 1.0879 | 1.0891 | Stop Loss (SL) |
Conclusion
The sharp price movements witnessed by the EUR/USD pair during the third week of July provide important signals to traders. Sudden changes in trend highlight the importance of monitoring technical indicators such as MACD and moving averages to understand potential trends in the market. Traders should be careful and rely on technical analysis to make informed trading decisions in the coming periods.
