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06.07.202219:18 Forex Analysis & Reviews: July 6, 2022 : EUR/USD Intraday technical analysis and trading plan.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 06.07.2022 analysis

The EURUSD looked oversold while approaching the price levels of 1.0800. That's when a temporary upside movement was approaching the price levels around 1.1200.

This recent movement towards 1.1200 was suggested for another SELL opportunity which already reached its targets beyond the price level of 1.0400.

The previous ascending movement above 1.0600 enabled further advancement towards 1.0800 where evident bearish rejection arised again.

The EURUSD pair had been trapped between 1.0350 (the newly recorded Low) and 1.0750 which corresponds to the nearest existing SUPPLY level until bearish breakout below 1.0350 was attempted earlier Yesterday.

Currently, the EURUSD pair is approaching new price levels around 1.0100 that haven't been visited since 2003. That's where price action should be watched cautiously for significant bullish recovery.

Mohamed Samy
Analytical expert of InstaForex
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