European session, Date: 07/22/2024
Introduction and overview
The EUR/USD pair opened the third week of July 2024 at $1.0888, witnessing slight fluctuations during the week. The pair reached highs of $1.0947 and lows of $1.0870, closing the week at $1.0878. With the beginning of the last week of the month, questions arise about the future direction of the pair. The EUR/USD pair saw limited movement during the third week of July, as it opened the last week with a small 13 pips upside gap at $1.0885. Despite this bullish opening, the pair is currently trading at $1.0886, reflecting weakness in the pair’s technical performance. Technically, analysis of moving average crossovers shows weakness in the pair’s trend. In addition, the MACD is indicating weakness in the strength of the downtrend, which may indicate the possibility of continued downward pressure or sideways trading in the coming days. These signals call for caution, as the pair may find it difficult to achieve noticeable gains under these circumstances.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0900 | 1.0880 | Entry point |
| First resistance: 1.0926 | First support: 1.0855 | Target Point 1 (TP1) |
| Second resistance: 1.0950 | Second support: 1.0825 | Target Point 2 (TP2) |
| 1.0880 | 1.0900 | Stop Loss (SL) |
Conclusion
Based on the current technical data, the EUR/USD pair is expected to face resistance in its attempt to achieve additional gains. As technical indicators remain weak, traders should be cautious and monitor future developments closely. The last week of July 2024 remains crucial for determining the future direction of the pair, as the upcoming moves will be influential in shaping the features of the future trend.
