FX.co ★ Technical analysis on EURUSD for July 11th, 2023.

Blue lines- Fibonacci retracement levels

Green lines- major support area

EURUSD is under pressure. Price started the trading day with a new higher high at 1.1020, but sellers put pressure on EUR pushing it lower towards 1.0997. A short-term pull back towards the 1.0950-1.0970 area is justified from current levels. Price is making higher highs and higher lows in the 4 hour chart. A pull back towards the 38% Fibonacci retracement is justified and could provide fuel for the next upward movement. The RSI has reached overbought levels and this increases the chances of a pull back. Short-term trend remains bullish as long as price is above 1.0830.