European session, Date: 08/14/2024
EURUSD Technical Analysis. The EURUSD pair continues to trade within a sideways range on the hourly chart, confined between the support level at 1.09015 and the resistance level at 1.09991. The price is currently showing a tendency to test the resistance level, which necessitates waiting for a decisive break above this level to confirm an upward trend or a break below the support level to confirm a downward trend.
EURUSD Technical Analysis today: Overview
It is advisable to wait for a clear break of the support or resistance level, with trend confirmation through additional technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), to obtain further confirmations before entering any trades.
Support and Resistance Levels
- Support: 1.09015
- Resistance: 1.09991
Trading Strategy
Given the current sideways trend, the following strategies can be adopted:
Buying
- Entry: After breaking and holding above the resistance at 1.09991
- Target: Higher levels based on price patterns and other analyses
- Stop Loss: Below the broken resistance level with signs of weakness
Selling
- Entry: After breaking and holding below the support at 1.09015
- Target: Lower levels based on price patterns and other analyses
- Stop Loss: Above the broken support level with signs of weakness
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0999 | 1.0901 | Entry point |
| First resistance: 1.1030 | First support: 1.0870 | Target Point 1 (TP1) |
| Second resistance: 1.1060 | Second support: 1.0840 | Target Point 2 (TP2) |
| 1.0999 | 1.0901 | Stop Loss (SL) |
In conclusion, The EURUSD pair remains under close watch given the current sideways movement. A confirmed break of the support or resistance level will provide clear trading opportunities. Strict risk management and adherence to the specified trading plan are recommended.
