19.07.202205:51 Forex Analysis & Reviews: Technical Analysis of EUR/USD for July 19, 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.

Technical Market Outlook:

The EUR/USD pair has bounced from the recent swing low made at the level of 0.9953 and then broken above the upper channel line around the level of 1.0146. The recent higher high was made at the level of 1.0204, but the daily time frame candle looks like a Pin Bar pattern. The next technical resistance is seen at the level of 1.0362, the nearest technical support is located at the level of 1.0076 and 1.0000. The last biggest bounce had been capped at the supply zone seen between the levels of 1.0470 - 1.0490, since then all the bounces are shallower and used to short the EUR. The weak and negative momentum on the daily time frame supports the bearish outlook for EUR.

Weekly Pivot Points:

WR3 - 1.0162

WR2 - 1.0127

WR1 - 1.0107

Weekly Pivot - 1.0093

WS1 - 1.0073

WS2 - 1.0059

WS3 - 1.0025

Trading Outlook:

The market continues to move lower as the down trend is still strong and the monetary parity level is the first target for bears in the long term.Nevertheless, the bullish cycle scenario is confirmed only after a breakout above the level of 1.0726, otherwise the bears will push the price lower towards the next long-term target at the level of 1.0000 or below. The up trend can be continued towards the next long-term target located at the level of 1.1186 only if the complex corrective structure will terminate soon (above 1.0000).

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.