EURUSD Technical Analysis & Trading Signal for July 16, 2024, by Guriforex:
The EURUSD pair is currently testing the critical support level at 1.0890. This level is significant as it could determine the next direction for the currency pair. The 100-day moving average (MA) crossing above the 200-day MA is a bullish signal, indicating that the general trend might be upward. However, the Momentum indicator pointing towards a potential drop below the 100 line suggests that there might be some bearish pressure.
Potential Scenarios:
🔼 Rebound Scenario: If the EURUSD rebounds from the 1.0890 support level, we could see the price rise to 1.0950. This would confirm the bullish sentiment indicated by the moving averages, providing a potential opportunity for buyers to capitalize on the upward momentum.
🔽 Breakdown Scenario: On the other hand, if the EURUSD breaches the 1.0890 support level, it could trigger a decline towards the next support at 1.0840. This would validate the bearish signal from the Momentum indicator, suggesting that sellers might gain control.
📊 Key Indicators to Watch:
- 100-MA and 200-MA Crossover: A bullish crossover indicating upward momentum.
- Momentum Indicator: Watching for a potential bearish crossover below the 100 line.
👥 Join the Discussion: What do you think about this analysis? Will EURUSD rebound or break down? Share your thoughts in the comments below!
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