EUR/USD Technical Analysis: Bullish Momentum Continues -

EUR/USD Technical Analysis: Bullish Momentum Continues

Jul 03, 2024Jeremy ParkinsonFinance0

Image Source: PixabayThe EUR/USD pair has shown impressive strength recently, extending its upward move from the 1.0665 low to reach a high of 1.0816. This bullish momentum suggests further gains may be on the horizon.

Short-Term Outlook
After a brief consolidation period, we could see the pair continue its rally in the coming days. Here are the key levels to watch:

Next target: 1.0850 area

If 1.0850 breaks: Watch for a push towards the 1.0915 resistance

Support Levels to Monitor
While the trend remains bullish, it’s important to keep an eye on potential support levels:

Initial support: 1.0775

If 1.0775 breaks: Look for a test of the rising trendline visible on the 4-hour chart

Potential Bearish Scenario
The bullish outlook would only be invalidated if:

The price breaks below the rising trendline support

This would signal the end of the upward move from 1.0665

In this case, we could see a decline back towards the 1.0665 support level

Key Takeaways

The EUR/USD pair is showing strong bullish momentum

Watch for a potential push towards 1.0850 and possibly 1.0915

Keep an eye on the 1.0775 support and the rising trendline

A break below the trendline could signal a trend reversal

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