22.07.202222:19 Forex Analysis & Reviews: Technical analysis on EURUSD for July 22ND, 2022.

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.

Red lines- bearish medium-term channel

Black lines -Fibonacci retracements

Blue lines- possible path higher

EURUSD remains inside the medium-term bearish channel. Price as expected has started to bounce off the lower channel boundary. The RSI has provided us with the early warnings and the break out of the short-term channel confirmed the short-term reversal. From parity, EURUSD has managed to climb towards 1.0255. So far price has retraced 50% of the last leg down. Bulls need to show more signs of strength. Short-term resistance is the 50% retracement at 1.0280. Bulls need to break above this level. This could lead them towards 1.0450. EURUSD has the potential to bounce much higher towards the upper channel boundary.

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.