Technical Analysis for EURUSD for 4th July 2023
Euro Rejects Bear Pressure, Will Bulls Break $1.1000?
Past Performance of EURUSD
The euro remains bullish but consolidating inside a tight trading range. Overall, the path of least resistance, at least from the top-down preview, is northwards. Technically, the March to May 2023 uptrend shapes the current preview. Therefore, while there were elements of weakness, the euro remains bullish above $1.0800.
EURUSD Technical Analysis
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.
What to Expect from EURUSD
Even though there was a welcomed recovery in June, there must be more gains above last month’s highs for trend continuation. Buyers have the upper hand, but there must be confirmation at the back of increasing volumes for this preview to stand.
Resistance level to watch: $1.1000
Support level to watch: $1.0800
Disclaimer: Opinions expressed are not investment advice. Do your research.
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