FX.co ★ EUR/USD

EURUSD Trading Analysis: Let's see how the EUR/USD currency pair is now trading. There are more sellers than buyers in the EUR/USD currency pair market. The concentration of sellers at the 1.13761 level supports the possibility of an upward rise. My trading plan is to start a buy position at 1.13731, set a stop loss at 1.13431, and aim for a first profit at 1.14951. We will think about other options if the price closes below 1.13381. Even if buyers have recently taken the lead, a declining trend might soon emerge. In this earlier epoch, the general wave structure is still downward. Growth may be a trap, as indicated by the recent break above the declining trend line, which is probably why many positions are opening upward. The MACD indicator is in the upper zone, suggesting that growth may resume after a possible retreat to the broken line. This logic is faulty, though, since prices now hardly fluctuate in a linear manner; instead, they move irregularly. The attempt to break through the resistance level of 1.14141 yesterday was met with a steep fall, suggesting strong selling pressure. It made sense that the price would rise above the most recent high, but it didn't. The price did not hit the maximum, but many traders probably expected this move and were ready to protect their gains. Buyers who had nearly closed their positions will now probably stay on in anticipation of further upward surge, which may not happen, creating downward pressure. According to this situation, buyers may not be aware that the trend has changed and should sell their holdings. Given that the dollar seems to be strengthening relative to other instruments, I believe the overall dynamics of the US dollar market will cause the EUR/USD pair to decline. The overall state of the market suggests a likely decrease, even though there isn't a clear downward picture for EUR/USD alone. It's critical to keep a close eye on these events.