EURUSD Flirts Past Mid 1.1800 Following the Rebound From Friday Lows

EURUSD Flirts Past Mid 1.1800 Following the Rebound From Friday Lows

EURUSD Price Analysis – July 5

After recovering at the critical 1.1807 low level, the EURUSD re-entered the mid 1.1800 area, touching the downward moving average (MA 13) on a daily. The US dollar recovers amid a mixed market attitude, while EURUSD is maintaining the lower ground past 1.1850. In the face of a poor Caixin Chinese Services PMI, the pair reverses gains fueled by the NFP.

Key Levels
Resistance Levels: 1.2050, 1.1975, 1.1900
Support Levels: 1.1807, 1.1740, 1.1704
EURUSD Long term Trend: Ranging
Technical indicators are pointing to a possible good near-term trading outcome. The RSI has risen above the oversold zone, but the moving average 5 and 13 has remained strong towards the negative territory. If the price fails to break through the MA 5, it could drop to 1.1740, which has been a difficult level to breakthrough in the last month.

Lower, support might be located around the 1.1704 level, with a break triggering a deeper sell-off towards 1.1625. Furthermore, the bulls would have to break through the support turned resistance of 1.1900 to return the market to a bullish medium-term trajectory. To summarize, the prognosis remains neutral, and traders should wait for a clear upside rise.
EURUSD Short term Trend: Bearish
Following the withdrawal from the 1.1975 level, EURUSD’s corrective downward could extend to new lows beneath the 1.1800 levels until the 1.1750 level’s contention field is reached. The EURUSD intraday bias remains in a range as the prior rebound from 1.1807 continues, albeit weakly.

A break of the 1.1900 level, on the other hand, might show that the consolidation from the 1.1807 level is likely to continue from 1.1870. A further climb is likely, with the 1.1975 high level being retested. Meanwhile, a breach of the 1.1807 support level might shift the bias to the downside, widening the range and ushering in a new period of decline.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.