EURUSD Technical Analysis: The EUR/USD pair is trading in a bearish trend today, as the pair recorded its highest trading price so far at 1.0422 and its lowest at 1.0350. The pair’s movement was significantly affected by the US interest rate decision issued yesterday, which came in line with expectations, which strengthened the US dollar and pushed the pair down.
EURUSD Technical Analysis: Technical Analysis
Moving Averages:
The pair is currently trading below the main moving averages, which contributes to confirming the bearish trend in the short term. It appears that prices are facing strong resistance at the moving average levels, which are important levels to watch to gauge the strength of the current trend.
MACD Indicator:
The MACD indicator is showing negative signals as it records bearish crossovers, indicating weak bearish strength in the market. However, it should be noted that these signals may be inconclusive at the moment, which means that there is a possibility of a reversal in the bearish movement later today.
Economic Data:
Today, the US unemployment claims data came in lower than expected, which positively supported the US dollar. This may have a limited impact on the downside of the EUR/USD pair in the short term, but the negative impact on the Euro is likely to continue due to the continued relative strength of the US dollar.
Forward Outlook:
Given the trading below the moving averages, as well as the negative signals from the MACD indicator, the downside is expected to remain dominant today in the short term. With the continued supportive economic data for the dollar.
we may see the pair continue to decline towards lower support levels.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0437 | 1.0392 |
| Target Point 1 (TP1) | First resistance: 1.0450 | First support: 1.0373 |
| Target Point 2 (TP2) | Second resistance: 1.0466 | Second support: 1.0354 |
| Stop Loss (SL) | 1.0392 | 1.0437 |
The pair remains in a downtrend in the short term, supported by the US interest rate decision and unemployment data.
in addition to increasing signs of weak bearish strength via the MACD indicator. It is important to monitor price developments around the key moving average levels and fresh economic data that may affect the overall trend.
