EUR/USD Daily Chart Analysis For Week of July 28, 2023
Technical Analysis and Outlook:
During this week's session, the Eurodollar decreased and reached our Mean Support level at 1.100 and lower, which suggests that it may continue to decline toward the Outer Currency Dip of 1.087. It could also rise and retest the Mean Resistance level at 1.109 to eliminate weak long positions. It's essential to consider this upward movement known as a "dead cat bounce."
During this week's session, the Eurodollar decreased and reached our Mean Support level at 1.100 and lower, which suggests that it may continue to decline toward the Outer Currency Dip of 1.087. It could also rise and retest the Mean Resistance level at 1.109 to eliminate weak long positions. It's essential to consider this upward movement known as a "dead cat bounce."
Trade active:
Correction: This statement should read:
It could also rise and retest the Mean Resistance level at 1.109 to eliminate weak SHORT positions. (NOT LONG)
It could also rise and retest the Mean Resistance level at 1.109 to eliminate weak SHORT positions. (NOT LONG)
