European session, Date: 08/07/2024
The EURUSD pair continues to follow the same slow approach in price movements since yesterday. Today, the pair is trading at the level of 1.0920 dollars, reflecting the continuation of the relative stagnation in the market. In this technical analysis, we will take a look at the performance of the pair and its technical indicators. Which raises questions about the sustainability of this trend. In this technical analysis. We will take a look at the factors that affected the pair’s movement and our expectations for the coming days.
The EURUSD pair: Overview
The EURUSD pair started this week with slow trading, and it continues in this pattern so far. Currently, the pair is trading at 1.0920 dollars, indicating weak momentum in the market. Despite some bullish attempts, the price has not been able to make tangible progress. Moreover, the pair is trading below most of the moving average crosses, which enhances the possibility of continued downward pressure.
On the other hand, the MACD indicator shows some weakness in the selling force, which indicates that the bearish momentum is declining somewhat. However, this signal is not yet enough to confirm the trend reversal. Therefore, investors need to monitor more technical signals to determine the future direction of the pair more accurately.
Fundamental factors:
The movement of the EURUSD pair is influenced by global economic and political factors. For example, the decisions of the European Central Bank and the Federal Reserve affect the overall trend of the pair. In addition, geopolitical tensions and economic developments in the Eurozone and the United States affect the performance of the pair.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.0935 | 1.0907 | Entry point |
| First resistance: 1.0965 | First support: 1.0875 | Target Point 1 (TP1) |
| Second resistance: 1.0990 | Second support: 1.0850 | Target Point 2 (TP2) |
| 1.0907 | 1.0935 | Stop Loss (SL) |
In conclusion, the EURUSD pair is trading at $1.0920 amidst slow movements and weak selling momentum. Traders need to follow key technical levels, such as support at $1.0900 and resistance at $1.0950, to identify potential entry and exit points. In addition, economic and political news that may affect the market should be monitored. Using technical and fundamental analysis together will help traders make informed decisions during this volatile period.
