European session, Date: 07/12/2024
Introduction and overview
The EUR/USD pair has seen a notable recovery since yesterday, with the Euro now trading in an upward trend after a multi-day period of decline. Current trading suggests that the Euro is above most moving averages, with the MACD indicating strength in the uptrend. The EUR/USD pair is currently moving in a strong uptrend after a period of continuous decline. Since the start of the recovery yesterday, the EUR/USD is currently trading at 1.0878. The EUR has managed to trade above most of the important moving averages, indicating the possibility of the uptrend continuing in the near future. This positive trend reinforces the signals of the MACD indicator, which is showing notable strength in bullish momentum, supporting the potential for further gains for the EUR against the USD.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0888 | 1.0872 | Entry point |
| First resistance: 1.0910 | First support: 1.0854 | Target Point 1 (TP1) |
| Second resistance: 1.0935 | Second support: 1.0835 | Target Point 2 (TP2) |
| 1.0813 | 1.0833 | Stop Loss (SL) |
Conclusion
In terms of factors influencing this move, there may be several reasons behind this recovery, including recent economic data from the Eurozone and the United States, as well as expectations on monetary policies of both the European Central Bank and the Federal Reserve. Traders should monitor these factors closely, as any changes in them could lead to noticeable movements in the exchange rate.
It is also important to monitor key technical levels, as they can provide additional signals about the market’s direction. With continued trading above the moving averages and positive MACD signals, it appears that the euro may continue to make gains against the dollar in the coming days.
