Technical Analysis for EURUSD for 10th July 2023
Euro Buyers Swing Back, Prices Likely to Retest $1.1100
Past Performance of EURUSD
Euro prices remain volatile, and buyers are cementing their position. Looking at the formation in the daily chart, traders can look to ride the upswing of July 7. Then, euro prices broke above the consolidation, trending above $1.0930. This development favors bulls in the short term and may trigger euro demand.
EURUSD Technical Analysis
The rejection of lower lows last week places buyers in the driving seat. As such, traders can look for entries on every low above $1.0930, targeting $1.1000 in the short term. This formation aligns with buyers of June 15 even though the current surge has low participation. In light of this, while buyers are optimistic, conservative, risk-on traders can wait for a firm close above $1.1000 with rising volumes before engaging, targeting $1.1100 in a buy-trend formation. Any contraction forcing prices below $1.0930 and reversing July 7 gains nullifies this bullish preview.
What to Expect from EURUSD
Traders are upbeat and the euro is turning the corner, shaking off bear pressure. At this pace, the euro can rise above $1.1000 and $1.1100 in continuation of the bull run set in motion from March to May 2023.
Resistance level to watch: $1.1000
Support level to watch: $1.0930
Disclaimer: Opinions expressed are not investment advice. Do your research.
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