EURUSD Daily Analysis – July 11, 2023

The EURUSD currency pair experienced a significant breakthrough as it surged above the key resistance level at 1.1011. This bullish move suggests that the pair has gained strong momentum, potentially setting the stage for further upside potential in the coming days.

Traders should closely monitor the price action as the pair aims for the next target at 1.1095 resistance. A successful break above this level could open the door for additional gains, with the potential for the pair to reach higher resistance levels.

For now, immediate support is established at 1.0943. As long as the price remains above this level, the bullish outlook is expected to remain intact. However, a break below this support level could indicate a potential shift in sentiment and bring the price back towards the previous low at 1.0833. Traders should carefully assess the price movement and consider this support level as a crucial reference point.

In conclusion, EURUSD has broken above the 1.1011 resistance level, signaling a potentially bullish outlook. The focus now turns to the next target at 1.1095 resistance. However, support at 1.0943 should not be overlooked, as a break below this level could alter the current sentiment. Traders should stay informed and adapt their strategies to navigate the evolving market conditions successfully.