EURUSD Technical Analysis: The EUR/USD pair is trading in a downward trend today, recording a high of 1.0582 and a low of 1.0524. Currently, the pair is trading at 1.0577. Despite the general downward trend.
the pair is showing some signs of weakness in this trend, indicating a possible bullish rebound soon.
EURUSD Technical Analysis: Technical Analysis
- Moving Averages: Price action indicates that the pair is currently trading above the short and medium moving averages, which contributes to reducing the strength of the current downward trend. Price action above these averages could contribute to changing the trend to an upward one, as trading above the moving averages is an indication of strength in the potential upward trend.
- MACD Indicator: The MACD indicator indicates a decline in the strength of the negative trend, as the indicator lines have begun to approach each other. This decline in negative momentum enhances the positive prospects for the pair in the near term, supporting expectations of a possible rise.
Economic data:
Markets are awaiting the release of important US economic data, including the retail sales report, which will significantly influence the pair’s movement. If the data comes out better than expected, it could pressure the euro and strengthen the US dollar.
which could lead to continued downward pressure on the pair. Conversely, if the data comes out weak, it could support the euro’s recovery expectations and increase the chances of an upside.
Trading strategies based on Buy/Sell levels
| EURUSD | In case of buying | in case of selling |
| Entry point | 1.0609 | 1.0555 |
| Target Point 1 (TP1) | First resistance: 1.0630 | First support: 1.0527 |
| Target Point 2 (TP2) | Second resistance: 1.0640 | Second support: 1.0500 |
| Stop Loss (SL) | 1.0555 | 1.0609 |
The EUR/USD pair is showing some technical signals that point to the weakness of the current downtrend.
which increases the chances of an upward rebound in the near term. However, it will be necessary to follow the upcoming US economic data, as it may have a significant impact on the general trend of the pair in the coming period.
