Technical Analysis of EUR/USD for July 2, 2020


Technical Market Outlook:

The EUR/USD pair has made series of Pin Bar candlesticks just above the key short-term support located at the level of 1.1185 and bounced significantly. The bulls are heading north, so any violation of the level of 1.1287 makes the rally towards the technical resistance located at the level of 1.1347 highly possible, so please keep an eye on the current developments at this market. Please notice the positive market conditions and strong momentum support the short-term bullish outlook.

Weekly Pivot Points:

WR3 – 1.1484

WR2 – 1.1410

WR1 – 1.1289

Weekly Pivot – 1.1235

WS1 – 1.1124

WS2 – 1.1056

WS3 – 1.0936

Trading Recommendations:

On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

The material has been provided by InstaForex Company –

Source:: Technical Analysis of EUR/USD for July 2, 2020:

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