empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

15.07.201915:47 Forex Analysis & Reviews: EURUSD bounces off support as expected. Now what?

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EURUSD has bounced off the 1.1250 support area as important Fibonacci support was found there. Price however has still not broken above recent highs and as long as price is below 1.1285-1.13 we remain cautiously bullish with tight stops.

Exchange Rates 15.07.2019 analysis

Red lines - bearish channel (broken)

Green line - trend line support

Blue rectangle - pull back target

Red rectangle - resistance area

EURUSD is trying to break above the red rectangle resistance area. Support is important at 1.1250-1.1240. Holding above the green trend line is important for short-term bulls. Breaking above the red rectangle is also important for bulls. This will open the way for a move towards 1.14-1.15. If support at 1.1250 fails to hold then we should expect a test of the 1.12-1.1190 area.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off