08.07.202008:13 Forex Analysis & Reviews: Technical Analysis of EUR/USD for July 8, 2020:

Technical Market Outlook:

After the EUR/USD pair has hit the level of 1.1347 which is the part of the supply zone located between the levels of 1.1347 - 1.1361 the price reversed quickly. The Bearish Engulfing candlestick pattern at the top of the rally has forced bulls to pull-back towards the technical support located at the level of 1.1300, but even this level was violated and the market trades now around 1.1268. The key intraday support is still seen at the level of 1.2228 and break out below this level will likely end up in test of the 1.1185 support. The momentum remains positive on H4 time frame, but there is no clear indication regarding the market conditions.

Weekly Pivot Points:

WR3 - 1.2879

WR2 - 1.2698

WR1 - 1.2610

Weekly Pivot - 1.2423

WS1 - 1.2323

WS2 - 1.2148

WS3 - 1.2056

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).