16.07.202022:13 Forex Analysis & Reviews: Short-term technical analysis of EURUSD for July 16, 2020

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EURUSD has reached the 1.14 price level which was our first target area after breaking above 1.13. Price is now pulling back. This is most probably a back test of the support area at 1.1360 where we find previous tops, that once were resistance levels.

Blue rectangle- support area

EURUSD is in a bullish trend as we have been saying for quite some time now. Price is making higher highs and higher lows. The bullish pattern is valid as long as price is above 1.12. This is the key support and stop loss level for bulls. Breaking below this level changes the trend. As long as we trade above it we consider each pull back as a buying opportunity for a bigger move higher. This pull back should find support at 1.1360-80. Price is expected to bounce off this area and continue higher to recapture 1.14. Next target is at 1.1480.

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