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03.07.202311:47 Forex Analysis & Reviews: Technical analysis of EUR/USD for July 2023

Trend analysis:

EUR/USD may retain a bull market in July, rising from the level of 1.0909 (closing of the June monthly candle) to the upper fractal located at 1.1095 (yellow dotted line). It will be followed by further growth to the 61.8% retracement level at 1.1273 (red dotted line).

Exchange Rates 03.07.2023 analysis

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Conclusion: All signals point to an upward movement in EUR/USD.

Overall conclusion: The pair will have a bullish trend, with a first lower shadow on the monthly white candle (the first week of the month is black) and no second upper shadow (the last week is white).

Throughout the month, quotes will rise from 1.0909 (closing of the June monthly candle) to the upper fractal at 1.1095 (yellow dotted line), and then move further towards the 61.8% retracement level at 1.1273 (red dotted line).

Alternatively, euro could climb from 1.0909 (closing of the June monthly candle) to the upper fractal located at 1.1095 (yellow dotted line), followed by a decline to the 50.0% retracement level at 1.1041 (red dotted line).

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Stefan Doll,
Analytical expert of InstaSpot
© 2007-2024
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