02.07.202113:51 Forex Analysis & Reviews: EUR/USD Technical Analysis for July 2021

Trend analysis.

In June, an upward movement may begin with the first target at the resistance line at 1.1925 (white thick line). If this line is broken upwards, the next target will be the 76.4% retracement level at 1.2102 (blue dashed line). Upon reaching this level, the upward movement may continue towards the 85.4% retracement level at 1.2273 (blue dashed line).

Fig. 1 (monthly chart).

Indicator analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - up;

The conclusion on the complex analysis is most likely an upward trend.

The overall result of the calculation of the candlestick of the EUR/USD currency pair according to the monthly chart suggest that the price will most likely have an upward trend with the absence of the first lower shadow (the first week of the month is the upper) in the monthly white candlestick and the presence of the second upper shadow (the last week is black).

General scenario: from the level of 1.1856 (closing of the June monthly candlestick), the price will move upward with the target at the resistance line at 1.1925 (white thick line). The breakout of this line will lead to the next target at the 76.4% retracement level at 1.2102 (blue dashed line). Upon reaching this level, the upward movement will continue with the next target at the 85.4% retracement level at 1.2273 (blue dashed line).

Alternative scenario: downward movement from the level of 1.1856 (closing of the June monthly candlestick) with the target at the 21-day average EMA at 1.1728 (black thin line). If this line is tested, the downward movement will continue with the target at the historical support level at 1.1605 (blue dotted line), and then an upward movement will follow.