EURUSD Weekly Analysis – July 2, 2023

The EURUSD currency pair has been trading within a defined range between 1.0515 and 1.1095, exhibiting a sideways movement in recent sessions. This range-bound behavior suggests a period of consolidation for the pair’s long-term uptrend, which originated from the 0.9535 level. Traders are closely monitoring the price action within this range for potential breakout opportunities.

The key support level to watch is at 1.0515. As long as this support holds, the trading range can be interpreted as a consolidation phase, preparing the ground for a potential continuation of the long-term uptrend. In this scenario, a breakout above the upper boundary resistance at 1.1095 would signal a resumption of the bullish momentum. Traders will be keeping a close eye on this resistance level, as a successful breach could trigger further upside movement in the pair.

Should the EURUSD price surpass the 1.1095 resistance level, it would open the door for a potential rally towards the next psychological resistance at 1.1400, followed by the 1.1800 level. These targets represent important milestones that could attract increased buying interest and drive the pair to new highs.

On the downside, a breakdown below the key support level at 1.0515 would indicate a potential completion of the uptrend at the 1.1095 resistance. Such a bearish scenario would likely lead to a deeper decline in the pair, with the next support area situated around 1.0200. Traders and investors will closely monitor price action near the support level for any signs of a breakdown, as it would significantly alter the market sentiment.

In conclusion, the EURUSD pair has been consolidating within a trading range between 1.0515 and 1.1095. Traders are awaiting a breakout from this range to confirm the next directional bias. A breakout above 1.1095 could lead to further upside potential, while a breakdown below 1.0515 would indicate a potential trend reversal. Traders should carefully monitor price action and key levels for potential trading opportunities in the EURUSD market.