EURUSD Eyes Upside Break of the Level at 1.1300 After Emerging From Convergence Zone

EURUSD Price Analysis – July 6

EURUSD is striving to smash through the recent convergence zone and aims to crack the 1.13 barrier more compellingly. The EURO progressed in early Monday’s trading, up 0.5 percent after European session opening, supported by fresh risk aversion and economic recovery optimism.

Key levels
Resistance Levels: 1.1495, 1.1422, 1.1350
Support Levels: 1.1257, 1.1183, 1.0950
EURUSD Long term Trend: Bullish
The bullish disposition of EURUSD remains unchanged as it is beyond the moving average of 5 and 13, currently around 1.1257 level. The next line to observe over is level 1.1300 and the double-top of the level at 1.1350. Support waits at level 1.1257, followed by level 1.1200, a late last week line of support. Even farther down, the EURUSD awaits 1.1183 and 1.1146 support levels.

In the wider sense, the entire downtrend from 1.255 (high) level may still be in effect as long as 1.1495 resistance level stays. An increase from level 1.0635 may then be seen as the 3rd phase of the pattern from level 1.0339. The trend may be altered bullish in this scenario to re-test a high level of 1.2555.
EURUSD Short term Trend: Ranging
EURUSD persists in consolidation from level 1.1422 and intraday bias appears first neutral. On the drawback, the 1.1146 level breach may reach a retraction of 38.2 percent from 1.0635 to 1.1422 levels at 1.1100.

The persistent breach there would suggest that a complete rebound from 1.0635 level has been achieved, taking a further decline to a retraction of 61.8 percent at 1.0950. On the positive side, the 1.1350 level breach is probable to restart the surge from 1.0635 through 1.1422 to 1.1495 key resistance levels.

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