EURUSD Technical Analysis: The EUR/USD pair continues its downward trend today, reflecting the increasing selling pressure in the market. In this analysis, we will study the price movements on the chart, and use technical indicators to support our expectations.
EURUSD Technical Analysis: Chart Analysis and Price Actions
Currently, the EUR/USD pair is trading at 1.0958, after recording its highest price today at 1.0980, followed by a decline to a low of 1.0951. This pattern indicates a continuation of the downtrend, as the decline in prices from the recent peak reflects weak demand.
Technical Indicators Analysis
When analyzing the technical indicators, we find that prices are trading below the moving averages, which strengthens the downtrend. The MACD indicator is also showing strong signs of a negative trend, as there was a period of weak downward strength, but the indicator now reflects the resumption of selling pressure.
Today’s Trading Forecast
We expect the EUR/USD pair to remain in a bearish trading range, with the possibility of testing the support levels at 1.0951. If the selling pressure continues, we may see further declines.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0997 | 1.0936 | Entry point |
| First resistance: 1.1023 | First support: 1.0910 | Target Point 1 (TP1) |
| Second resistance: 1.1032 | Second support: 1.0890 | Target Point 2 (TP2) |
| 1.0936 | 1.0997 | Stop Loss (SL) |
Based on the above analysis, it is advisable to closely monitor the price action, especially around support levels. Technical analysis indicates a continuation of the downtrend, providing opportunities to trade in the prevailing trend.
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