23.07.202016:26 Forex Analysis & Reviews: July 23, 2020 : EUR/USD daily technical review and trade recommendations.

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The EURUSD pair has been moving-up since the pair has initiated the depicted uptrend line on May 25.

On June 11, a major resistance level was formed around 1.1400 which prevented further upside movement and forced the pair to have a downside pause towards the uptrend line.

Since last week, the uptrend seems to show signs of weakness while moving above the mentioned resistance level (1.1400).

A couple of contradictory Fundamental data from the U.S. have caused some hesitation manifested in the depicted ascending wedge-pattern during last week's consolidation.

However, Yesterday, a few negative fundamental data from the U.S. have caused the EUR/USD to achieve another breakout to the upside.

Estimated target for the pair is located around 1.1650 which constitutes a prominent resistance level to be watched for a valid SELL Position.

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