European session, Date: 08/08/2024
EURUSD Technical Analysis today. The Euro Dollar pair continues to trade in a sideways range, as the price moves between resistance and support areas. Today, the pair is trading between resistance at $1.0938 and support at $1.0908. In this technical analysis, we will review the performance of the pair and the main technical levels, focusing on the use of transition words to improve the flow of the text and analyze the situation comprehensively.
EURUSD Technical Analysis today: Overview
The Euro Dollar pair is moving in a sideways trend today, reflecting the reluctance of traders to take a clear position. The pair is currently trading between resistance and support areas, as resistance at $1.0938 constitutes a barrier to any attempts to rise, while support at $1.0908 provides a base for the price. However, weakness appears in the crossings of the moving averages, indicating the absence of strong momentum supporting any specific direction.
Furthermore, the MACD indicator reflects a weakening purchasing power, which may indicate that the potential for significant gains is currently fading. However, the pair is still in a range, which means that significant moves may be possible if any of the support or resistance areas are broken.
On the other hand, fundamental economic factors affect the pair’s movement, as traders await important economic data that may lead to significant changes in the trend. For example, any statements by the European Central Bank or the Federal Reserve can have a direct impact on the pair.
Fundamental factors:
The movement of the EUR/USD pair is influenced by many economic and political factors. For example, economic data such as inflation rates or central bank statements can affect the price movement. In addition, political and geopolitical developments play an important role in determining the future direction of the pair. Therefore, it is essential to monitor these factors to gain a deeper understanding of the price movement.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0940 | 1.0900 | Entry point |
| First resistance: 1.0965 | First support: 1.0875 | Target Point 1 (TP1) |
| Second resistance: 1.0990 | Second support: 1.0850 | Target Point 2 (TP2) |
| 1.0900 | 1.0940 | Stop Loss (SL) |
In conclusion, the EURUSD pair continues to trade within a sideways range, with clear hesitation between the resistance and support areas. Today, the pair is trading between $1.0938 and $1.0908, with weak purchasing power, as indicated by the MACD indicator. Traders should carefully monitor these key technical levels, as breaking any of them could lead to significant market movements. In addition, it is essential to follow economic and political news that could affect the pair’s movement. Using technical and fundamental analysis together will help traders make informed decisions during this period of sideways trading.
