EURUSD Technical analysis: Waiting for Powell’s testimony and its impact on the market


European session, Date: 07/09/2024

Introduction and overview

The EUR/USD pair is currently trading sideways as markets await testimony from Jerome Powell, Chairman of the Federal Reserve, today. Despite the weakness of the US dollar yesterday, the euro was unable to achieve any significant rise, which raises questions about the next direction of this pair. In this article, we will provide a technical analysis based on currently available data to clarify the case for the EUR/USD pair.The data indicates weakness in most of the moving average intersections, which reflects a weak trend. The MACD indicator also shows a weakness in the strength of the negative trend.

EURUSD Technical analysis

Trading strategies based on Buy/Sell levels

In case of buying in case of selling EURUSD
1.0839 1.0813 Entry point
First resistance: 1.0860 First support: 1.0780 Target Point 1 (TP1)
Second resistance: 1.0890 Second support: 1.0760 Target Point 2 (TP2)
1.0811 1.0827 Stop Loss (SL)



Awaiting Powell’s testimony, the EUR/USD pair continues to trade in a narrow range at $1.0827. Current data indicates clear weakness in most of the moving average intersections, in addition to the weakness of the MACD indicator, which reflects the strength of the negative trend. The market remains awaiting what Powell’s testimony will reveal and its potential impact on the pair’s movement in the coming days.

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