EURUSD Technical View Ahead of FOMC and NFP – 31 July

 

Key point of EUR/USD Pair:

• EURUSD Reacted from Weekly Support at 1.1107 The EURUSD currency pair found support at the 1.1107 level on the weekly timeframe.
• Retested the Daily Low at 1.1107The pair retested this 1.1107 support level on the daily chart. Managed to Close Above the Support
• After retesting 1.1107, the EURUSD pair was able to close back above this support zone. Weekly View Faces a Support Zone around 1.1107
• According to the weekly analysis, the 1.1107 area is a key support zone for the EURUSD pair.

EUR USD Technical & Fundamental Overview:

According to the Weekly analysis, the EURUSD pair is currently facing a support zone around the 1.1107 level. This suggests that 1.1107 is an area of technical significance for the pair, acting as a support level that has been tested and held in recent weeks.

EURUSD reacted from the weekly Support of 1.1107 it also daily lows the price managed to close above the support. According to the Weekly View, the pair is facing a support zone of around the price. Details on the above Video Analysis

The EUR/USD pair currently faces resistance levels at 1.1200 and 1.1280. As the price approaches these levels, it’s essential to monitor the support at 1.1107. A decisive break below this support, followed by a close below it, could invalidate the bullish scenario. Keep in mind that this week is marked by significant fundamental events, including FOMC meetings and Non-Farm Payroll (NFP) data, which may exert a substantial influence on the EUR/USD  price.