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13.07.202018:55 Forex Analysis & Reviews: July 13, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

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.

Exchange Rates 13.07.2020 analysis

On March 20, the EURUSD pair has expressed remarkable bullish recovery around the newly-established bottom around 1.0650.

Shortly after, a sideway consolidation range was established in the price range extending between 1.0770 - 1.1000.

On May 14, evident signs of Bullish rejection as well as a recent ascending bottom have been manifested around the price zone of (1.0815 - 1.0775), which enhances the bullish side of the market in the short-term.

Bullish breakout above 1.1000 has enhanced further bullish advancement towards 1.1175 (61.8% Fibonacci Level) then 1.1315 (78.6% Fibonacci Level) where bearish rejection was anticipated.

Although the EUR/USD pair has temporarily expressed a bullish breakout above 1.1315 (78.6% Fibonacci Level), bearish rejection was being demonstrated in the period between June 10th- June 12th.

This suggested a probable bearish reversal around the Recent Price Zone of (1.1270-1.1315) to be watched by Intraday traders.

Hence, Bearish persistence below 1.1250-1.1240 (Head & Shoulders Pattern neckline) was needed to confirm the pattern & to enhance further bearish decline towards 1.1150.

However, the EURUSD pair has failed to maintain enough bearish momentum to do so.

Instead, a narrow-ranged bullish channel is being expressed while re-approaching the price levels of 1.1380-1.1400 where the upper limit of the channel is located.

Please note that any bullish breakout above 1.1400 will probably lead to a quick bullish spike directly towards 1.1500.

Trade recommendations :

The current bullish movement towards the price zone around 1.1380-1.1400 should be watched cautiously by Intraday Traders for any signs of bearish rejection.T/P levels to be located around 1.1315, 1.1250 then probably 1.1175 while S/L to be placed above 1.1400 to minimize the associated risk.

Mohamed Samy
Analytical expert of InstaForex
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