EUR/USD Price Analysis: Further weakness not ruled out

Market news

26 July 2023

EUR/USD Price Analysis: Further weakness not ruled out

EUR/USD manages to bounce off recent lows around 1.1020.
A test of 1.1000 still appears in the pipeline in the near term.

EUR/USD stages a decent rebound after bottoming out around 1.1020 in the previous session on Wednesday.

Considering the recent price action, extra weakness should not be discarded and could motivate the pair to revisit the psychological support at 1.1000 the figure. The loss of the latter exposes a deeper correction to the interim 55-day and 100-day SMAs at 1.0901 and 1.0895, respectively.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0706.

EUR/USD daily chart

United States New Home Sales (MoM) registered at 0.697M, below expectations (0.725M) in June

The Dollar will have to wait and see – Commerzbank

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.