Technical Analysis for EURUSD for 7th July 2023
Euro Prices Volatile as Bulls Find Strength above $1.0850
Past Performance of EURUSD
Euro is tracking higher when writing, shaking off this week’s weakness, reading from how price action is panning out in the daily chart. Overall, euro bulls may recover today. However, the support line at $1.0850 is a vital reaction level. The failure of euro bears to force prices below this line is overly bullish. It may support optimistic traders in the short to medium term.
EURUSD Technical Analysis
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.
What to Expect from EURUSD
The euro has been volatile, looking at the formation in the daily chart. Despite the optimism from traders, there must be a definitive breakout (in either direction) for the trend to be defined. In the short term, sellers have a chance provided there is no firm close above immediate liquidation levels.
Resistance level to watch: $1.0930
Support level to watch: $1.0850
Disclaimer: Opinions expressed are not investment advice. Do your research.
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