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08.07.202012:09 Forex Analysis & Reviews: Technical analysis of EUR/USD for July 08, 2020

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Overview:

On one-hour chart, the EUR/USD pair is continuing in a bullish market from the supports of 1.2228 and 1.1250. Also, it should be noted that the current price is in a bullish channel.

Immediate support is seen at 1.1269 which coincides with a key level (50% of Fibonacci). Consequently, the first support sets at the level of 1.126. So, the market is likely to show signs of a bullish trend around the spot of 1.1269/1.1228.

Equally important, the RSI is still signaling that the trend is upward as it is still strong above the moving average (100) since yesterday.

In other words, buy orders are recommended above the key level (1.1250) with the first target at the level of 1.1312. Furthermore, if the trend is able to break through the first resistance of 1.1312. As a result, the pair will climb towards the double top (1.1347) to test it.

On the other hand, stop loss should always be in account, so, it must set the stop loss below the second support of 1.1191.

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