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