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.
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) |
Conclusion
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.
