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29.07.202017:07 Forex Analysis & Reviews: July 29, 2020 : EUR/USD daily technical review and trade recommendations.

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Exchange Rates 29.07.2020 analysis

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 for some time and forced the pair to have a downside pause.

Recently, the EURUSD demonstrated an ascending wedge around the mentioned price level of 1.1400 affected by a couple of contradictory Fundamental data from the U.S.However, Last week a few negative fundamental data from the U.S. have caused the EUR/USD to achieve another breakout to the upside.

This week, the EURUSD has approached the price levels around 1.1750 pair where some signs of downside pressure were manifested as mentioned in Yesterday's article.

Intraday traders should be waiting for a upcoming breakdown of the depicted short-term uptrend (1.1650) to the downside to be able to have a valid SELL Position.

Estimated targets would be located around 1.1550, 1.1500 then 1.1450.

Mohamed Samy
Analytical expert of InstaForex
© 2007-2020

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