5 July EURUSD Technical Outlook: Pair is awaiting technical breakout


The EURUSD has continued trading in the symmetrical triangular pattern initiated a few days ago. What next should traders expect? Gain insight into today’s 5 July EURUSD Technical Outlook.

5 July, OctaFX –  The euro continues to struggle with the 1.1674 resistance level against the US dollar, with the pair currently trapped in an increasingly narrow trading range. EURUSD sellers also failed to break the 1.1618 level on Wednesday, after the pair was strongly rejected from the 1.1681 level.

Traders will now look for a sustained breakout from the 1.1618 to 1.1681 price-range today, ahead of the release of top-tier economic data from the United States economy.

5 July EURUSD Technical Outlook

  • The EURUSD pair is only intraday bullish while trading above the 1.1681 level, key resistance remains at 1.1700 and 1.1724.
  • If the EURUSD pair moves below the 1.1618 level, key technical support is found at the 1.1600 and 1.1553 levels.

Disclaimer

This article about 5 July EURUSD Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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