EURUSD Technical Analysis: The EUR/USD pair experienced a weak downward trend today, recording a daily high of 1.08303 and a low of 1.07756. The pair is currently trading at 1.08268, reflecting a relative balance between buying and selling power. Technical analysis shows that prices traded above the moving averages at the beginning of the session, reinforcing the weakness of the downward trend and indicating the possibility of a limited upward correction.
EURUSD Technical Analysis: Technical Analysis of the EUR/USD Pair
- Moving Averages: Prices are currently trading above the major moving averages, reflecting the weakness of the downward trend and providing optimistic signals for investors anticipating an imminent upward correction.
- MACD Indicator: The MACD indicator is showing a weak negative signal, indicating that the current downtrend is not strong enough to propel the market in a sustained downward direction. This could open the way for corrective movements or sideways oscillations.
- Future Outlook:
The EUR/USD pair is expected to continue trading within its current range, with the possibility of some limited declines if negative pressure persists. If the pair maintains trading above the moving averages, this could support upward corrective movements.
Short-Term Technical Analysis and Forecast:
In the short term, the EUR/USD pair is expected to continue trading within a narrow range, with a slight upward bias if the 1.08382 level is breached. On the other hand, if the pair fails to maintain the current support levels around 1.08025, it may face further declines towards lower levels.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.08382 | 1.08025 |
| Target Point 1 (TP1) | First resistance: 1.08571 | First support: 1.07905 |
| Target Point 2 (TP2) | Second resistance: 1.08741 | Second support: 1.07801 |
| Stop Loss (SL) | 1.08025 | 1.08382 |
Technical analysis of the EUR/USD pair indicates a weakening downtrend, with a potential for a limited upward correction. Price action should be closely monitored, especially as prices trade near key support and resistance levels. The pair will remain volatile until a clearer direction emerges based on the economic and technical factors affecting it.
