EURUSD Technical Analysis: The EUR/USD pair is trading in an upward trend today, as the pair recorded its highest trading price at 1.0592 and its lowest price at 1.0565, and is currently stabilizing at the 1.0590 level. This price range indicates relative stability in the pair’s movement, with a general trend towards the rise.
EURUSD Technical Analysis: Technical Analysis
- Moving Averages: Prices are trading above the main moving average levels, indicating strong support for the upward trend. Continuing trading above these levels enhances the chances of the pair remaining in the positive trend in the short term.
- MACD Indicator: The MACD indicator indicates positive momentum, as the difference between the moving averages reflects a bullish signal, which enhances expectations that the pair may continue to move in an upward direction in the near term.
Economic Data and Its Impact on Trading:
The United States is expected to release important economic data, most notably the Non-Farm Employment Change Report. This report represents one of the main indicators measuring the health of the US labor market, and is expected to have a significant impact on the movement of the EUR/USD pair. Any surprises in the numbers could lead to significant market volatility, which could affect the current trends of the currency.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0590 | 1.0565 |
| Target Point 1 (TP1) | First resistance: 1.0603 | First support: 1.0556 |
| Target Point 2 (TP2) | Second resistance: 1.0620 | Second support: 1.0546 |
| Stop Loss (SL) | 1.0565 | 1.0590 |
Based on the current technical analysis, the EUR/USD pair is showing positive signs as it continues to trade above the moving averages and is supported by the MACD indicator. However, the focus remains on the upcoming US economic data, as this data will be a decisive factor in determining the pair’s direction in the near term. Volatility that may arise with the release of this data should be monitored to assess its impact on the market movement.
