EURUSD Technical Analysis: Weak Downside

EURUSD Technical Analysis: The EUR/USD pair is showing a bearish movement today, with some weakness in the general trend, as it recorded a trading high so far at 1.0639 and a low at 1.0590. However, the pair is currently trading near 1.0630, in an area that fluctuates between key resistance and support levels.

EURUSD Technical Analysis: Technical Analysis

We find that the pair is trading below the moving averages in the short and medium term, indicating the presence of selling pressures affecting the market. The MACD indicator is also showing a weak negative trend, which reinforces the image of negative pressure on the pair. However, technical signals remain weak in terms of confirming the downside trend in the long term, which opens the door to the possibility of a reversal or upward correction in the event of an improvement in economic factors or the release of supportive economic data.

Economic Influences:

Regarding economic factors, the market is awaiting the release of important US economic data, most notably the US Consumer Confidence Index. These data are expected to have a significant impact on the movements of the US dollar and thus on the trading of the EUR/USD pair. If the data comes out better than expected, the US dollar may see further strength, which will reinforce the pair’s downtrend. If the data comes out lower than expected, we may see an upward correction for the pair, especially with the current downtrend weakening.

Trading strategies based on Buy/Sell levels

The pair is currently trading in a narrow range with a slight negative impact from the moving averages and the MACD.

but upcoming economic factors could be crucial in determining the next direction. It is important to follow the upcoming US data, as it could provide strong signals to guide market movements in the coming hours.