16.07.202007:57 Forex Analysis & Reviews: Brief trading recommendations for EUR/USD and GBP/USD on 07/16/20

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.

The EUR/USD currency pair is moving within the area of 1.1400/1.1440, which reflects the resistance in the market, stopping buyers. The upward trend line plays the role of a deterrent from further decline. That is why, when the line breaks, market participants will receive a sell signal.

It is recommended to sell a pair at a price below the trend line, in this case, below the level of 1.1390, in the coordinate direction of 1.1350-1.1300

An alternative scenario will be considered in the event of another rebound from the upward trend line and price consolidation above 1.1450, which theoretically, can lead to a breakdown of the resistance level which will let the price move towards 1.1500.

For the GBP/USD currency pair, there is a looped oscillation between the two main levels of 1.2500/1.2620 (+/-20 points), where a rebound is made sequentially. In this case, there is a movement from the level of 1.2620, which plays the role of resistance. If the downward movement continues, it will lead us to the area of the pivot point, which reflects the level of 1.2500.

It is recommended to sell a pair at a price below the level of 1.2550 with the prospect of a movement to 1.2500.

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.