EURUSD Daily Analysis – July 3, 2023

The EURUSD currency pair finds itself at a critical juncture as it encounters the resistance of a descending trend line on the 4-hour chart. Traders are closely watching for a potential breakout that could signal a reversal of the recent downtrend. Key levels and targets come into focus as the pair navigates this crucial area.

The current resistance provided by the falling trend line highlights the significance of the ongoing price action in EURUSD. A break above this trend line resistance would suggest that the downward move from 1.1011 has already completed at the recent low of 1.0835. Such a breakout would likely attract buyers and potentially propel the pair higher in the near term.

Should the bullish scenario materialize, the next target for EURUSD would be at 1.0976, followed by the previous high at 1.1011. These levels represent important milestones for the pair and could serve as areas of increased selling interest. Traders will closely monitor price action around these targets to assess the strength of any potential upside move.

On the other hand, support is currently found at 1.0835, acting as a critical level to watch. A break below this support level could indicate renewed selling pressure and trigger another downward leg for EURUSD. In such a scenario, the pair could target the 1.0750 level, which represents a key support area that has held in the past.

In summary, EURUSD currently faces resistance from a descending trend line on the 4-hour chart. A breakout above this trend line resistance would suggest the completion of the recent downside move and potentially open the door for further upside momentum. Targets at 1.0976 and 1.1011 come into focus if the bullish scenario unfolds. Conversely, a break below the support at 1.0835 could trigger another downward move, with 1.0750 serving as the next key support level. Traders should monitor price action and relevant market factors to navigate potential trading opportunities in EURUSD.