EUR/USD Technical Analysis: (READ DESCRIPTION)EUR/USD Technical Analysis: Bullish Outlook
Pivot Point: 1.0775
EUR/USD is currently showing signs of a potential upward move, with support firmly established at 1.0775. The technical indicators suggest a preference for long positions as the pair is poised for further gains.
Our Preference: Long Positions
Recommended Trade:
Long positions are favored above 1.0775, with targets set at:
First Target: 1.0805
Second Target: 1.0820
This indicates a potential rise of 12 to 27 pips as the bullish momentum strengthens.
Alternative Scenario: Downside Potential
If EUR/USD falls below 1.0775, consider looking for downside targets at:
First Target: 1.0760
Second Target: 1.0745
This would suggest a shift in momentum and potential downward correction.
Technical Indicators:
RSI (Relative Strength Index):
The RSI calls for a new upward leg, showing buying strength and bullish momentum.
MACD (Moving Average Convergence Divergence):
The MACD is positive, supporting the bullish configuration.
Moving Averages:
The price is trading above both its 20-period and 50-period moving averages, reinforcing the positive outlook.
Price Action and Trends:
Above 1.0775:
As long as the price remains above this pivot point, the upside trend is expected to prevail, potentially targeting 1.0805 and 1.0820.
Below 1.0775:
A break below this support level would invalidate the bullish scenario, opening up potential losses toward 1.0760 and 1.0745. This would indicate a shift in momentum, suggesting a corrective move in price action.
