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09.07.202008:15 Forex Analysis & Reviews: Technical Analysis of EUR/USD for July 9, 2020:

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.

Technical Market Outlook:

The Bearish Engulfing candlestick pattern at the top of the EUR/USD last rally has forced bulls to pull-back towards the technical support located at the level of 1.1300, but the retreat did not last long. The bulls have manage to push the price through the supply zone located between the levels of 1.1347 - 1.1361 and made a new local high at the level of 1.1370 (at the time of writing the analysis). This might not be the peak of the bullish rally as there is still room for the price and the momentum is not yet in overbought zone. The next target is seen at the level of 1.1406. The immediate support is located at the level of 1.1326.

Weekly Pivot Points:

WR3 - 1.2879

WR2 - 1.2698

WR1 - 1.2610

Weekly Pivot - 1.2423

WS1 - 1.2323

WS2 - 1.2148

WS3 - 1.2056

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).

Exchange Rates 09.07.2020 analysis

Sebastian Seliga
Analytical expert of InstaForex
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