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EURUSD → Change of mood after a false breakout. $ is rising

2024-07-24 10:58 FOREX forecast

💡 Ideas For EURUSD 🇪🇺🇺🇸

📈 EURUSD → Change of mood after a false breakout. $ is rising

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EURUSD on D1 is trading in a strong and neutral sideways movement. SMAs just lay on the horizontal plane, but on H4-H1 a change of market character is forming on the background of growth of the dollar index

snapshot

Overall, the global neutral trend allows trading without much emphasis on the trend as there is none. The price is moving between the range boundaries, which simplifies the technical analysis.

On H4 the market is changing its mood on the background of the dollar index growth, which in general can lead to the retest of the support zones and the liquidity located behind them.

At the moment the focus is on the lower boundary of the range 1.08-1.082. A retest is possible in the near term, and the liquidity behind the zone could influence a bullish correction before a subsequent drop.

Resistance levels: 1.085

Support levels: 1.0816, 1.08, 1.078

S&P PMI and New Home Sales are published today, it is worth paying attention to the news, as positive news for the US may strengthen the fall of the currency pair, while unpredictable news may affect the market in the opposite way

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