EURUSD Weekly Analysis – July 15, 2023

The EURUSD pair has experienced a significant breakthrough, breaking above the key resistance level at 1.1095 and reaching as high as 1.1244. This breakout suggests that the long-term uptrend from 0.9535 has resumed, signaling potential further gains in the coming weeks.

Traders can expect continued upward momentum in the EURUSD pair, with the next target set at the 1.1500 level. A sustained move beyond this level would open the door for further appreciation towards the 1.1700 area. The resumption of the long-term uptrend underscores the strength and bullish sentiment behind the euro.

In terms of support, the near-term level to watch is at 1.0830. As long as the price remains above this support, the bullish bias would remain intact. However, a break below this level could indicate a temporary pause in the upward movement and potentially bring the price back towards the key support level at 1.0515. Traders should closely monitor the price action and any developments that could influence the direction of the EURUSD pair.

To summarize, the EURUSD pair has broken above the 1.1095 resistance level and resumed its long-term uptrend from 0.9535. Further gains are expected, with the next target at 1.1500, followed by 1.1700. Near-term support is seen at 1.0830, and a break below this level could lead to a temporary pause in the upward movement. Traders should stay vigilant and adapt their strategies accordingly in response to market developments.