It certainly looks as if the market continues to struggle with anything close to euro strength. 

• The EUR/USD currency pair continues to go back and forth without any real direction or conviction one way or the other. 
• By doing so, it is causing headaches for traders that are trying to get a feel for where we are going next.
• In order to understand where we are going next, you need to take a look at the longer-term trend, which is most decidedly down.

Long-Term Downward Momentum

While this does not guarantee that we break down from here, it does suggest that the overall momentum of the market is negative from a longer-term standpoint, and that is something that should not be forgotten. Because of this, we will have to pay close attention to the top of the consolidation box and we are presently trading and, with the 1.03 level above offering significant resistance. Underneath, the 1.01 level offers significant support, so it’s very likely that we continue to bang around in this general vicinity as we look for some type of decision.

If we break down, then the most obvious place to start looking for a decision would be near the parity level, which of course is an area that will attract a lot of attention. We had bounced from there previously, and now it looks like it will perhaps be a bit of a target going forward. I don’t necessarily believe that this is a situation where we break through it easily, but it certainly looks as if the market is willing to at least attempt it again.

With the jobs number coming out on Friday it’s possible that could be the reason we break down below there, but if we do turn around and rally, I would think that there should be plenty of sellers above that could get involved as well. Those sellers will more likely than not be found at the 1.03 level, as well as the 1.04 level where we had previously seen a bit of support. That brings “market memory” back into the picture, and of course, we have the 50-day EMA in that general vicinity as well, so it’s a bit of a “one-two punch” for this market. This doesn’t mean that things are going to be easy, but it certainly looks as if the market continues to struggle with anything close to euro strength. That in and of itself is something you should be paying attention to.

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Speculators who are keeping their eye on SOL/USD, as of this morning will notice the cryptocurrency is hovering near important support levels, which if broken could develop into faster selling.

SOL/USD is trading at nearly 32.5000 as of this writing.  SOL/USD started yesterday’s trading around the price of 36.0000; on the 28^th of June Solana saw price action slightly below 40.0000. Like the broad cryptocurrency market SOL/USD has incrementally moved lower the past few days of trading, and like its major counterparts Solana is hovering near crucial support.

If current support levels prove vulnerable for SOL/USD this could ignite more speculative selling. SOL/USD is at a five day low and is trading near values last seen on the 20^th of June. If the 32.0000 barrier is penetrated lower, the 31.6500 vicinity could become vital. SOL/USD moves with a rapid pace and under present market conditions, traders are strongly advised to use entry price orders to participate.

Certainly reversals could be sparked higher; the problem for optimistic buyers is that upside price action has proven to be limited. Yes, from the 18^th of June until the 25^th there was a rather nice flurry of buying which did break through resistance levels consistently, but this one week of movement occurred within the midst of a still ongoing long term bearish trend. It may not be time to declare bearish momentum dead.

If a trader wants to buy SOL/USD they should look for quick hitting trades that take advantage of what may be only temporary rises in the near term.  Perhaps broad market sentiment will suddenly turn positive, but there are few signs that are pointing to a crowd of enthusiastic speculators who want to bet on the emergence of a bullish run.

Until broad market conditions improve from the behavioral sentiment perspective it may prove wise to remain a skeptic and thus a seller of SOL/USD.  Conservative traders may want to wait for some slight price action which takes the market higher towards perceived resistance. The levels of 33.0000 to 34.0000 could prove to be difficult for SOL/USD to climb much higher. Traders should use cautious amounts of leverage while betting on Solana near term.

Support near the 32.2500 to 32.0000 should be monitored. If these prices are suddenly getting tested and the broad market remains nervous among digital assets, SOL/USD could see velocity increase and selling quicken. A move to the 31.7500 to 31.2500 could prove to be worthwhile targets for speculative sellers.

Solana Short-Term Outlook

Current Resistance: 33.5100

Current Support: 31.6300

High Target: 36.0900

Low Target: 29.1500

LUNA/USD dove to long-term low values in early trading this morning, as a combination of nervousness and fundamental selling hit Terra.

LUNA/USD fell below the 24.00000000 USD level in early trading this morning.  As of this writing, the price of Terra is traversing near 28 USD, but this price is certain to be different as readers study this article. The price of LUNA/USD has reacted to broad market nervousness among digital assets and the fact that the ‘stable coin’ TerraUSD, backing LUNA/USD, faltered below the 1.00 level yesterday. LUNA/USD is part of the Terra ecosystem and the Terra/USD cryptocurrency as of this morning is seeing volatile price action still and is near 85 cents as of this writing.

LUNA/USD began yesterday’s trading within a bearish trend certainly, and its slide which began slightly below the 69.00000000 mark until this morning’s low has likely wiped out plenty of trading accounts. Traders looking to participate in LUNA/USD are urged to use entry price orders to make sure their fills meet their expectations. And anyone pursuing LUNA/USD also needs to use an extremely well-selected array of risk management.

The nervous sentiment in the broad crypto market is likely to continue as many of the major digital assets challenge lower support levels, and LUNA/USD will work under this shadow too.  Coupled with the notion that price pressure is evident in Terra’s ecosystem via its stable coin will have an effect on LUNA/USD also. Values of LUNA/USD can be expected to see a great deal of volatility the remainder of the day.

If LUNA/USD falters to the 27.00000000 mark again, it will not be surprising to see the cryptocurrency retest morning lows again.  The abrupt nature of the selling pressure in the broad market, and the onslaught of behavioral sentiment which is likely feeling the sting of massive losses in some trading accounts will not help ease the tension. The question for LUNA/USD is when stability may come back into its trading landscape, and that may not happen for a while. LUNA/USD will certainly continue to shake in value as long as the Terra ecosystem which is geared towards its stable coin which is under fire, suffers further price pressure.

Traders who want to sell LUNA/USD need to be cautious. It may be the logical decision, but speculators need to be prepared for massive spikes and unsuspecting news flow which may continue to be experienced. If LUNA/USD breaks below the 24.000000000 level, there is reason to suspect prices not seen since the middle of August of 2021 could be displayed.

Terra Short-Term Outlook

Current Resistance: 32.58000000

Current Support: 27.63000000

High Target: 44.8700000

Low Target: 21.59000000