Today, on July 12, 2024, the EURUSD exchange rate demonstrated a significant breach above the $1.0840 mark, surging to touch the $1.0900 barrier. This breakthrough confirms a strong upward trend, bolstering expectations for continued bullish movement in the near future. Analysts anticipate a clear path towards the awaited target of $1.0915, with potential further gains likely upon breaching this level, targeting $1.0980 as the next positive milestone.
Technical indicators support this upward trajectory, with the EMA50 reinforcing the bullish sentiment. The stochastic indicator is currently shedding its negative momentum in favor of a positive shift, further bolstering projections of continued price appreciation. However, a reversal below $1.0840 would introduce intraday downside pressure, potentially testing support levels at $1.0795 and extending to $1.0720 before resuming any upward moves.
For today’s trading session, the anticipated trading range spans from support at $1.0800 to resistance at $1.0950. Traders and investors are advised to monitor these levels closely as the market unfolds throughout the day.
