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.

The support zone is between $1.0800 and $1.0850, aligns with prices bouncing off in recent trading days. From the daily chart, the June 23 and 30 and the July 6 lows recovered from this zone, marking their significance. On the upper end, there must be a conclusive close above $1.0930 for the uptrend to continue. Therefore, based on this arrangement, traders can wait for a clean break above $1.0930, and even $1.1000, before riding the uptrend, trading in the direction of the June 2023 trend. Any dip below $1.0800 will cancel this bullish outlook, allowing sellers to press toward $1.0660 in the medium term.

Sellers have been unrelenting, and the euro is likely to drop even lower this week. The sell trigger is at $1.0850, aligning price action with the June 23 and 29 bear candlesticks. As it is, a sharp close below the current consolidation could allow sellers to double down on every attempt higher, targeting $1.0800 in the short term. If bears further press on, the next bear target is $1.0660 or May 2023 lows. Conversely, any unexpected revival driving euro prices above $1.0930 cancels this preview, rejuvenating stretched buyers who may target $1.1000.

The path of least resistance is northwards, from the formation in the daily chart. The failure of buyers to force prices higher, as long as bulls maintain the euro above $1.0850, could offer an opportunity for aggressive traders to ramp on longs on dips. Still, considering the euro’s volatile nature and buyers’ failure to soak in the bear momentum successfully, any drop below $1.0850 and June 23 lows may trigger a sharp sell-off. In that case, the immediate target will be $1.0800 and $1.0660. On the other hand, this will change once buyers reverse recent losses and power above $1.1000, opening up entries for an eventual ride to $1.1100.

From the daily chart, euro buyers are upbeat, and this holds considering the failure of sellers to push prices below $1.0800, unwinding gains and confirming the drawdown of June 23. For now, buyers are struggling to maintain the upswing, and every low could be entries for buyers. In the current consolidation, optimistic traders can wait for a conclusive close above $1.1000 before riding the emerging trend, targeting $1.1100. Conversely, losses below $1.0800, confirming the sellers of June 23, may see prices drop to $1.0650, or June lows.

The wide-ranging, high-volume bar of June 29 invalidated the uptrend of June 27, paving the way for sellers to ride the emerging trend. As it is, every high below $1.0900 may allow traders to unload the euro while targeting $1.0800 in the short term. This target flashes with the lows of June 15, the conspicuous bar that anchors the current uptrend. Should sellers press on, reversing losses, euro could crash to $1.0650, or June lows, in a trend confirming sellers of May.

Trading volumes are within range, and the current price action is within a bearish formation. With the losses of June 23 conspicuous and bulls failing to convincingly close above $1.1000, the uptrend momentum is weak. 

Despite doubts about bulls, buyers have a chance above $1.0900. If not, any firm drop below $1.0900 by the end of the day would easily see the euro dump to $1.0800, an opportunity for aggressive traders to ride the trend, aligning with the bear bar of June 23. 

On the flip side, sharp gains above $1.1000 will offer entries for buyers angling for $1.1100 in a buy trend continuation formation, confirming bulls of the March to April range.

Losses of June 23 were reversed as buyers flowed back, pumping prices. With prices higher, bulls are back in the picture even though prices are choppy and volatile. Aggressive traders may look for entries above $1.0900 and June 23 close. However, better entries may be above $1.1000 or last week’s highs. A high-volume close with the same rapidity as the June 23 bar could easily lift euro toward $1.1100 and April 2023 high in a buy trend continuation formation. Conversely, sharp losses below last week’s lows at $1.0840 cancel this bullish preview.

Bears of last week could flow back, pressing the euro even lower. For this to be valid, there must be a close below $1.0880 by today’s close, aligning the emerging trend with the development of the June 23 bar. This, in turn, could allow risk-off traders to align with sellers of the end of last week, targeting $1.0800. Conversely, any breakout above $1.0950, or June 23 highs, with rising volumes would cancel this preview, allowing bulls to take charge.

The path of least resistance, at least in the short term, is southwards. As such, traders can look to ride the emerging trend, aligning with the sellers of June 23. Even so, trading volumes are lower, meaning the June 15 high-volume bull bar anchors the current formation. The immediate target for aggressive traders will be $1.0800, while the resistance is $1.0900. Any drop below $1.0800, reversing gains of June 15, invalidates this preview, ushering in sellers of May who may angle for $1.0500 in a bear trend continuation formation.