23.07.202417:22 Forex Analysis & Reviews: Trading Signals for EUR/USD for July 23-25, 2024: buy above 1.0825 (rebound - 200 EMA)

Relevance up to 11:00 UTC--4

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.

Early in the American session, the EUR/USD pair is trading around 1.0847 within the downtrend channel forming since July 17, below the 21 SMA, and above the 200 EMA at 1.0825.

The euro is bouncing around the bottom of the downtrend channel and it could reach 1.0886 (21 SMA) in the next few days. Breaking the downtrend channel, the instrument could reach 1.0925 (3/8 Murray) and even the psychological level of 1.10.

If the euro rebounds around the 200 EMA located at 1.0825 or around 1/8 Murray, ER/USD is expected to continue its rise. Once the price climbs in this area, it will be seen as an opportunity to buy.

On the contrary, the outlook could change below the key level of 1.0803. In the short term, the instrument could reach -1/8 of Murray located at 1.0681, a level that coincides with the prices seen on June 28.

The eagle indicator is approaching the oversold zone. So, we believe that above 1.0803, any technical bounce will be seen as an opportunity to buy.

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.