EURUSD Technical Analysis: The EUR/USD pair continues to trade in a weak downside range today, as the pair witnessed an upward corrective movement from the current session low at 1.0712 to the high at 1.0786. At the moment, the pair is trading near the 1.0785 level, showing a slight positive momentum in the market.
EURUSD Technical Analysis: General Trend Analysis
Based on the price action during the day, the general trend of the EUR/USD pair in the short term appears to be in a state of narrow fluctuation within a weak downside range, with strong possibilities for a limited rise. Although the current general trend remains bearish, the current price levels show support from some technical indicators that may tend to reinforce the bullish trend in the near term.
Technical Analysis:
- Moving Averages: Trading prices are currently trading above the major moving averages, indicating that the bullish momentum is still intact. These indicators show that the upward trend may remain dominant if prices remain above these averages, which may limit the strength of the downward trend at the present time.
- MACD Indicator: On the MACD indicator, we notice a clear decline in negative momentum, as the indicator is heading towards the zero level, indicating that the downward trend has reached its end, or is in a corrective phase. This decline enhances the chances of a possible upward reversal during the coming period.
Future trading scenario:
In light of the technical analysis, the pair is expected to continue its movements within a narrow range in the short term, with the possibility of a limited rise if prices remain above the moving averages.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0794 | 1.0762 |
| Target Point 1 (TP1) | First resistance: 1.0813 | First support: 1.0751 |
| Target Point 2 (TP2) | Second resistance: 1.0829 | Second support: 1.0742 |
| Stop Loss (SL) | 1.0762 | 1.0794 |
The EUR/USD pair appears to be reversing the current downtrend weakness, with signs of a possible bullish bounce. We recommend focusing on the 1.0786 levels as a key indicator to follow the short-term trend, as this area is a pivotal point that may determine the pair’s next direction during the day.
