EURUSD Technical Analysis: The EUR/USD pair is witnessing strong negative movements during today’s trading session, as the pair began to decline from its highest level during the day at 1.0937 to reach a low at 1.0680, and is currently trading near the 1.0686 level.
EURUSD Technical Analysis: Technical Analysis
It appears that the price is trading below the main moving averages, which reinforces the indication of the continuation of the downtrend. The moving averages show a negative divergence between the price and the technical indicators, which adds to the strength of the current downtrend.
The MACD indicator indicates the continuation of the negative momentum, as it shows a bearish crossover with weak positive momentum, which reinforces expectations of continued downward pressure on the pair. Prices continue to move below the zero line of the MACD indicator, which confirms the continuation of the pair’s decline.
Today’s Forecast:
The pair is expected to continue the downward pressure in the coming hours if trading continues below the moving averages. If the weakness continues, the pair may test the strong support level at 1.0650, and if broken, it may target further declines towards the 1.0600 and 1.0550 levels.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0722 | 1.0669 |
| Target Point 1 (TP1) | First resistance: 1.0742 | First support: 1.0638 |
| Target Point 2 (TP2) | Second resistance: 1.0753 | Second support: 1.0612 |
| Stop Loss (SL) | 1.0669 | 1.0722 |
Technical analysis shows that the bearish trend on the EUR/USD pair is currently dominating the market. The pair is trading in a downward range supported by negative technical indicators such as moving averages and MACD, which makes the most likely possibility today a continuation of the decline in the short term.
