The EURUSD pair is trading today at $1.1121 after the euro witnessed a significant decline in recent days. The chart shows that there is a reversal in price action, with the continuation of the negative trend, which is confirmed by the MACD indicator, which indicates the strength of the selling momentum. In this analysis, we will examine these technical signals and their role in determining the path of the pair in the coming period.
Technical analysis of the EURUSD pair: Technical outlook
On the daily time frame, the EURUSD pair is trading below the intersections of the main moving averages, such as the 50 and 100-day averages, which reinforces the indication that the general trend is still negative. This trading below the moving averages indicates that selling pressures are continuing and that buyers have not yet been able to regain control.
The MACD indicator is showing signs of continued negative strength, as the negative line is below the positive line, indicating the superiority of sellers. This reversal in price action with signs of a reversal may mean that the market may witness a continuation of downward pressures in the near term, with a possibility of a correction in the event of weak selling power.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.1131 | 1.1110 | Entry point |
| First resistance: 1.1161 | First support: 1.1081 | Target Point 1 (TP1) |
| Second resistance: 1.1191 | Second support: 1.1051 | Target Point 2 (TP2) |
| 1.1110 | 1.1131 | Stop Loss (SL) |
Based on the current technical analysis, the EURUSD pair looks set to continue its downtrend in the near future, with MACD indicators signaling continued selling momentum. If these pressures persist, we could see a further decline towards the support levels at $1.1100. However, any potential corrective signals should be monitored if signs of weakness in the negative strength appear.
