European session, Date: 07/10/2024
Introduction and overview
The EUR/USD pair traded in a sideways range as markets awaited testimony from Federal Reserve Chairman Jerome Powell yesterday. This event had a positive impact on the US dollar, which was reflected in the pair’s trading. Based on currently available data, the situation of the EUR/USD pair can be explained more precisely. Current data indicates that the euro is trading above most of the moving average crossings, which reflects the strength of the bullish trend in the euro against the dollar. In addition, the MACD indicator shows a weakening in the strength of the negative trend, which supports further bullish outlook for the pair. The EUR/USD pair is currently trading at 1.0823, a level that can be considered likely for future changes based on economic developments and technical analysis.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0833 | 1.0813 | Entry point |
| First resistance: 1.0860 | First support: 1.0791 | Target Point 1 (TP1) |
| Second resistance: 1.0885 | Second support: 1.0765 | Target Point 2 (TP2) |
| 1.0813 | 1.0833 | Stop Loss (SL) |
Conclusion
In light of Jerome Powell’s recent testimony and the markets’ reactions to these developments, the EUR/USD pair remains under the microscope. Despite the current consolidation trend, technical data indicates the possibility of a continuation of the uptrend for the EUR/USD. The current situation remains at the level of 1.0823, under close monitoring by analysts and traders alike, as the coming days may witness new fluctuations based on economic developments and technical movements. It is important to stay up to date and react quickly to any new developments to make the best use of the market movement.
