EURUSD Technical analysis: Slow trading dominates the EUR/USD

 

European session, Date: 07/17/2024

Introduction and overview

The EUR/USD pair has been moving in a narrow range since the beginning of the third week of July 2024, between the price levels of 1.0882 and 1.0916 dollars. While the uptrend is showing strong strength, the price is still struggling to cross these two areas. Since the beginning of the third week of July 2024, the EUR/USD pair has been trading between two main price areas: support at $1.0882 and resistance at $1.0916. This narrow price range reflects a state of hesitation in the market, as the pair was unable to break either of these levels decisively. Most of the moving average crosses are trading, indicating a continuation of the uptrend. The MACD indicator also supports this trend, indicating relative strength in the upward momentum.

EURUSD Technical analysis

Trading strategies based on Buy/Sell levels

In case of buying in case of selling EURUSD
1.0913 1.0896 Entry point
First resistance: 1.0935 First support: 1.0875 Target Point 1 (TP1)
Second resistance: 1.0905 Second support: 1.0845 Target Point 2 (TP2)
1.0896 1.0913 Stop Loss (SL)

 

Conclusion

Despite the slow and limited movements in a narrow range, technical indicators show positive signs towards the continuation of the bullish trend for the EUR/USD pair. A break above the resistance at $1.0916 could signal a new run in the price, while the support at $1.0882 remains an important barrier to watch.

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