Technical analysis

EURUSD Wave Analysis – 7 July 2023


– EURUSD reversed up support level 1.0850

– Likely to rise to resistance level 1.1000

EURUSD currency pair recently reversed up from the support level 1.0850 , which stopped the previous impulse wave (1) earlier this month.

The support level 1.0850 was further strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the previous upward impulse from May.

Given the strength of the support level 1.0850 and the clear daily uptrend, EURUSD currency pair can be expected to rise further toward the next resistance level 1.1000 (previous monthly high from June).

Article Rating
Rate this post