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The EUR / USD pair is trading around the 1.18 level, after having found support in the 1.1752 zone. The Euro remains within a technical pattern of a symmetrical triangle. So, the currency pair is trading within a range showingindecision. The market has not defined the direction the pair will take. Hence, we must expect a break above or below the pattern.
Yesterday the US dollar index reached April highs when it registered the level of 93.16. For two consecutive days, the USDX has tried to break this level, but it has failed leaving a reversal pattern called double top. This would be a positive sign for EUR / USD.
It is likely that the USDX Dollar Index will take a break from the bullish force that was setting the tone for several weeks. This will be an advantage for all currency pairs against the dollar to make corrections or technical rebounds.
Investors are cautious before the monetary policy decision of the European Central Bank. The ECB is expected to keep its monetary policy unchanged. Analyzing its latest strategic review, European policymakers made it clear that will not reduce the bond purchase program in the short term.
This data could affect the slight recovery of the Euro that we have noticed in the last hours. If the ECB offers an optimistic stance, it will be a big surprise for investors, so the EUR / USD pair could break the 1.18 barrier and could rise to the resistance zone of 1.1840 and 1.1901.
According to the 4-hour chart, we must be aware of a break in the technical pattern. In case of a consolidation above 1.1805, it will be a sign of a bullish momentum to the 1.1840 (2/8) zone and up to 1.1901 the zone of EMA 200. The eagle indicator is in the neutral zone.
Support and Resistance Levels for July 22 - 23, 2021
Resistance (3) 1.1929
Resistance (2) 1.1866
Resistance (1) 1.1835
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Support (1) 1.1753
Support (2) 1.1729
Support (3) 1.1704
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Trading tip for EUR/USD for July 22 - 23, 2021
Buy above 1.1805, with take profit at 1.1840 (2/8) and 1.1901 (3/8), stop loss below 1.1760.
Buy if rebound 1.1770, with take profit at 1.1840 (2/8) and 1.1901 (3/8), stop loss below 1.1730.
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