EURUSD Technical Analysis - 11th JULY, 2024EURUSD - Bullish Trend Reversal
EURUSD was unable to sustain its bearish momentum and after touching a low of 1.0813 on 10th July the prices have stabilized and we can see a resumption of the Uptrend in the markets.
We can see the formation of Bullish Trend reversal pattern with the Adaptive Moving average AMA50 and AMA100 in the weekly timeframe.
The resistance of the channel is broken in the daily timeframe which is indicative of the bullish trend present in the markets.
The RSI indicator is back over 50 in the 15-minutes timeframe.
Some of the technical indicators are also giving a neutral tone which indicates the presence of the consolidation wave in the markets.
We have also seen the prices of EURUSD ranging near a new high record in the weekly timeframe.
EURUSD is now trading above its 100-hour SMA and 200-hour SMA simple moving averages.
- Euro Bullish Reversal seen above the 1.0814 mark.
- Short-term range appears to be Mildly Bullish.
- EURUSD continues to remain above the 1.0820 levels.
- Average true range ATR is indicating less market volatility.
The next resistance is located at 1.0843 which is a Pivot Point 2nd Level Resistance.
EURUSD is now trading below just near to its Pivot levels of 1.0836 and is moving into a Mild Bullish channel.
The price of EURUSD remains above its Classic support levels of 1.0831 and is moving towards its next target of 1.0862 which is a 50% Retracement From 52 Week High/Low.
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