EURUSD Plunges Beneath 1.1350 Level Despite Prevailing Risk Appetite

EURUSD Price Analysis – July 9

The EURUSD pair is currently trading about the same intraday level as the last session, around the 1.1290/1.1350 range, trying to climb back over 1.1350 level. EURUSD is easing prior day’s gain well beneath the 1.1300 level in a context where the risk appetite continues to be preferred among market participants.

Key Levels
Resistance Levels: 1.1495, 1.1422, 1.1350
Support Levels: 1.1257, 1.1183, 1.0950
EURUSD Long term Trend: Bullish
In the larger context, the whole downtrend from 1.2555 (high) level will still be in progress as long as 1.1495 resistance level holds. The next goal is level 1.0339 (low). Nevertheless, a sustained break of 1.1495 level would claim that such a downward trend is over.

Then, the increase from level 1.0635 could be seen as the third stage of the trend from level 1.0339. In this scenario, the trend is rendered bullish for a 1.2555 level retest.
EURUSD Short term Trend: Ranging
At this level, the intraday bias in EURUSD is still slightly on the upside. Consolidation from the top of the short term level 1.1422 may be achieved. The break there will restart the entire rise from level 1.0635 to level 1.1495 key resistance test.

However, on the downside, a break of 1.1257 minor support level may turn the bias back to the downside, extending the consolidation to a retraction of 38.2 percent from 1.0635 to 1.1422 at 1.1146 level.

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