For Traders

Analytical Reviews

Technical analysis

27.06.202215:38 Forex Analysis & Reviews: Technical analysis on EURUSD.

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.

Blue lines- bearish channel

EURUSD continues to trade inside the medium-term downward sloping channel since May of 2021. Price has reached as low as 1.0360 recently and is bouncing higher towards 1.06. As we mentioned in previous posts, there is important resistance around 1.0570-1.0580. EURUSD has the potential to move higher. EURUSD if it breaks above the short-term resistance, price can reach the upper channel boundary resistance at 1.0820-1.08. Support is found at 1.0470-1.0490 area. As long as we trade above this level, bulls have hopes for a move higher. At current levels I prefer to be bullish for the near term as long as support at 1.0470 is held. Upside potential is considerable and should not be ignored.

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.