For Traders

Analytical Reviews

Technical analysis

16.07.202007:48 Forex Analysis & Reviews: Technical Analysis of EUR/USD for July 16, 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:

Another Bearish Engulfing candlestick pattern has been made at the top of the last move up at the level of 1.1452, but bulls are not giving up. This is the seventh attempt to rally above the supply zone located between the levels of 1.1406 - 1.1419. The RSI indicator shows the positive and strong momentum, so the market participants should wait for a Pin Bar like candlestick around the level of 1.1400. If there is this kind of a reversal candlestick pattern, then the bulls might continue the local up trend towards the level of 1.1497.

Weekly Pivot Points:

WR3 - 1.1497

WR2 - 1.1428

WR1 - 1.1365

Weekly Pivot - 1.1301

WS1 - 1.1233

WS2 - 1.1170

WS3 - 1.1101

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).

Back to the list

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.