EURUSD Technical analysis: The impact of Jerome Powell’s testimony and artistic outlook


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.

EURUSD 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)



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.

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