EURUSD Daily Analysis – July 7, 2023

EURUSD finds itself once again facing the resistance of a prominent falling trend line on the 4-hour chart. This resistance level has proven significant in the recent price action, serving as a potential barrier for further upside movement. As long as the trend line resistance remains intact, the currency pair may experience continued downside pressure from its recent peak at 1.1011, with the next target potentially located at the 1.0750 area.

The prevailing bearish sentiment suggests that the downside move initiated from 1.1011 could extend further. Traders will closely monitor price action to assess if the trend line resistance continues to hold. A failure to break above this resistance level would reinforce the likelihood of a continuation of the downside move.

On the upside, a decisive breakout of the trend line resistance would indicate a potential shift in the market dynamics. If the price manages to breach the resistance, the next notable hurdle would be at the 1.0976 level, followed by the previous peak at 1.1011. Further bullish momentum could potentially drive the price towards the 1.1095 resistance level.

In conclusion, EURUSD is currently facing the resistance of a falling trend line on the 4-hour chart. As long as this trend line resistance remains unbroken, the downside move from 1.1011 could persist, with a potential target around the 1.0750 area. A breakout above the trend line resistance, however, would open up the possibility of a bullish rally towards 1.0976 and 1.1011. Traders should closely monitor price action and key levels to make informed trading decisions.