01.07.202216:01 Forex Analysis & Reviews: Technical analysis of EUR/USD for July 01, 2022

After finding bids reach to the price of 1.0406, the EUR/USD pair recovered below the levels of 1.0472 and 1.0438. Initial resistance lies near the 1.0472 level (38.2% of Fibonacci retracement levels). A decent breakout and follow-down move below 1.0472 could open the gate for a push towards the 1.0383 level. The main resistance remains near the area of1.0472 and 1.0438. Also it should be noted that the EUR/USD pair and some currencies unite as the bears lose their momentum. The market is indicating a bearish opportunity below the above-mentioned resistance levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the downside.

the EUR/USD pair continues to move downwards from the level of 1.0438. Yesterday, the pair dropped from the level of 1.0438 to the bottom around 1.0383.

Today, the first resistance level is seen at 1.0438 followed by 1.0472 (the weekly pivot point), while daily support 1 is found at 1.0383.

Also, the level of 1.0472 represents a weekly pivot point for that it is acting as major resistance/support this week.

Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.0438 towards the first support level at 1.0383 in order to test it.

If the pair succeeds to pass through the level of 1.0383, the market will indicate a bearish opportunity below the level of 1.0383.

Therefore, there is a possibility that the EUR/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 1.0383, re-sell below 1.0383 with the second target at 1.0360 in order to test last week's bottom.

However, if a breakout happens at the resistance level of 1.0472, then this scenario may be invalidated.