EURUSD Technical Analysis and Trading Signals for July 3, 2024, by Guriforex:

💸 EURUSD is rising and testing the crucial 1.0760 resistance area aligned with the 38.2 Fibonacci retracement level. The 1.0760 resistance area is a key technical level. Fibonacci retracement levels help traders spot potential reversals. This area aligns with the 38.2% retracement of the recent downtrend. It acts as a strong barrier for bullish moves. Traders often watch these levels closely for insights. A breakout above 1.0760 could signal further gains. If it fails, the price might reverse downwards. This makes it a critical point to monitor. Understanding Fibonacci levels can aid in making trading decisions.

📈 The momentum oscillator has also risen above the 100 level, potentially indicating bullish momentum. When the momentum oscillator crosses this threshold, it suggests that the buying pressure is strong and could lead to further price increases. This is a positive signal for traders looking for bullish opportunities in the EURUSD pair.

🔼 If the bulls manage to push the price above the 1.0760 level, it could open the door for further growth up to the 1.0790 level. This scenario would confirm a breakout above the key resistance and could lead to an extended rally in the EURUSD pair. The 1.0790 level would then become the next target for the bulls, and a move above this level could signal even higher gains in the future.

🔽 On the other hand, if the price fails to break above the 1.0760 resistance and rebounds from the 38.2 Fibonacci retracement level, it could reverse the trend and lead to a decline towards the 1.0720 support level. This would indicate that the bears are still in control and could push the price lower. The 1.0720 support level would then become the key level to watch for potential buying opportunities or further declines.

In summary, the EURUSD is at a critical juncture, with the 1.0760 resistance area being a key level to watch. The momentum oscillator suggests bullish momentum, but a failure to break above this level could lead to a reversal towards the 1.0720 support. Traders should keep a close eye on these levels and monitor the price action for further clues about the direction of the trend. Your thoughts and comments on this analysis are welcome! Do you agree with this outlook? Share your insights below!