Hello, dear traders. We hope all of you are doing well. We have come up with a technical analysis of the EURUSD pair. Let’s dive into the analysis without further ado.
Today’s Technical Analysis on EURUSD Pair by Guriforex:
💸 The EURUSD currency pair is currently moving within an ascending channel. Recently, it rebounded from its upper border, encountering significant resistance at the 1.0880 level. This movement suggests a bearish trend. The price has also moved out of the upper Bollinger Band and has started to move back inside it, which typically indicates a potential reversal or correction. Additionally, the RSI oscillator, a key technical indicator, has crossed below the 70 level from above, adding further to the bearish sentiment surrounding EURUSD.
🔽 Based on these technical indicators, our recommendation is to initiate a sell trade on EURUSD.
🏹 Trade Recommendation:
- Action: Sell EURUSD
- Take Profit (TP): Target levels are set at 1.0840 and 1.0800
This bearish sentiment is supported by the current technical analysis, which shows that the pair is overbought and is likely to experience a pullback. The Counter-Trend Impulse Strategy is particularly effective in such market conditions, allowing traders to capitalize on short-term corrections within a broader trend.
Trading EURUSD can be highly rewarding if executed with a clear strategy and proper risk management. Ensure you keep an eye on market developments and adjust your trading plan as necessary.
We encourage you to follow our updates and insights to stay informed about the latest market trends. Our goal is to provide you with accurate and timely trading signals.
For more detailed analysis and updates, regularly visit our website, Guriforex.com, and join our Facebook page GuruFxMentor.
