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Technical Analysis of EUR/USD for July 21, 2020
Technical Market Outlook:
The EUR/USD pair has made another higher high at the level of 1.1467 and it looks like the next target for bulls is seen at the level of 1.1489 – 1.1497. If the momentum will be still high and positive, then the odds for this scenario are high, but please notice, the momentum is now decreasing as the price goes higher. Moreover there is another Bearish Engulfing candlestick pattern made at the top of the move, so the bears are still active at this levels. The nearest technical support is seen at the level of 1.1406, but only a sustained breakout below the level of 1.1347 will change the short-term trend from up do down.
Weekly Pivot Points:
WR3 – 1.1642
WR2 – 1.1541
WR1 – 1.1496
Weekly Pivot – 1.1397
WS1 – 1.1342
WS2 – 1.1243
WS3 – 1.1193
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 – www.instaforex.com
