EUR/USD Technical Analysis: Potential For Upward Movement Despite The Recent Dip -

EUR/USD Technical Analysis: Potential For Upward Movement Despite The Recent Dip

Jul 02, 2024Jeremy ParkinsonFinance0

Image Source: PixabayThe EUR/USD pair experienced a mixed trading session on Tuesday, with some interesting technical developments that could shape its near-term direction.

Key Takeaways:

Support found above 1.0710

Resistance encountered below 1.0750

Potential for continued upward movement despite recent decline

Possible Scenarios
If the EUR/USD manages to stabilize above 1.0715 today, we could see a bullish push targeting the 1.0760 to 1.0770 range.

Important Levels to Watch
Resistance levels:

Short-term: 1.0755 – 1.0760

Significant: 1.0765 – 1.0770

Support levels:

Short-term: 1.0715 – 1.0720

Significant: 1.0695 – 1.0700

Retail Trader Sentiment
Recent retail trading data shows:

57.14% of traders are long on EUR/USD

The ratio of long to short traders is 1.33

Long positions have increased by 26.08% since yesterday and 6.42% since last week

Short positions have decreased by 18.26% since yesterday and 15.81% since last week

Market Outlook
Given our contrarian view on market sentiment, the dominance of long positions suggests that EUR/USD prices may continue to fall. The current sentiment, combined with recent changes, strengthens our bearish outlook for EUR/USD.Traders should keep a close eye on how the pair behaves around the key support and resistance levels. While there’s potential for upward movement, the overall sentiment and technical indicators suggest caution for those considering long positions.More By This Author:Japanese Yen Hits 38-Year Low Against US Dollar: What’s Driving The Trend?EUR/USD Technical Analysis: Potential For Upward Movement Despite Recent Dip Dollar-Yen Hits 38-Year High: What’s Driving The Surge?