The Euro Dollar pair opened last week at $1.0917, and witnessed significant fluctuations during this week, reaching a high of $1.1046 and a low of $1.0909. The Euro closed last week at $1.1023, reflecting a rise of 129 points, indicating that the Euro was in an upward trend during this week.
Euro Dollar Technical Analysis: Overview
The pair started the week with a sideways movement, but quickly gained upward momentum and achieved significant gains during the few days of the beginning of the week. The Euro Dollar pair opened this week at $1.1025, and reached a high so far at $1.1049, which represents a strong resistance point. On the other hand, the lowest price it reached so far was $1.1022.
EURUSD is currently trading at $1.1042, with the price above the moving averages, indicating a continuation of the uptrend. The MACD indicator also indicates buying strength, despite some notable weakness.
Overall, the EURUSD appears to be continuing its upward trend with some challenges at current resistance levels. The current situation requires close monitoring to determine potential future trends.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 1.1052 | 1.1029 | Entry point |
| First resistance: 1.1082 | First support: 1.1000 | Target Point 1 (TP1) |
| Second resistance: 1.1110 | Second support: 1.0975 | Target Point 2 (TP2) |
| 1.1029 | 1.1052 | Stop Loss (SL) |
In conclusion, with the EURUSD still trading above the moving averages and the MACD showing buying strength, the pair remains on an upward trajectory, despite some slight weakness. The resistance level at $1.1049 is an important barrier to watch, as a break above it could pave the way for further gains. It is important for traders to keep a close eye on price action and support and resistance levels to identify potential opportunities, while maintaining risk management strategies to ensure informed investment decisions.
