EUR/USD Mid-Day Outlook: Temporary Top and Potential Rebound

Tuesday, 9 July 2024, 13:06

The intraday bias for EUR/USD is currently neutral below the 1.0844 temporary top, with a likelihood of further consolidation. Sustaining above the 55 4H EMA at 1.0783 could signal a potential rally. A breach above 1.0844 may lead to a retest of the 1.0915 resistance level. A decisive breakthrough could target a projection towards 1.0919. Conversely, a significant decline below the 55 4H EMA could push the pair back to the 1.0665 support.

Actionforex — EUR/USD Mid-Day Outlook: Temporary Top and Potential Rebound

EUR/USD Mid-Day Outlook

Intraday bias in EUR/USD remains neutral for consolidations below 1.0844 temporary top.

Further rally is in favor as long as 55 4H EMA (now at 1.0783) holds.

On the upside, above 1.0844 will resume the rebound from 1.0665 to retest 1.0915 resistance.

Firm break there will target 100% projection of 1.0601 to 1.0915 from 1.0665 at 1.0919 next.

However, sustained break of 55 4H EMA will bring deeper fall back to 1.0665 support.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

EUR/USD Mid-Day Outlook

Related posts