19.07.202218:40 Forex Analysis & Reviews: Short-term technical analysis on EURUSD for July 19th, 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 line -bullish divergence

Blue lines- bearish medium-term channel

Black lines- Fibonacci retracements

Green lines- short-term bearish channel broken

Following our expectations for a move above 1.02 EURUSD is moving higher making higher highs and higher lows in the 4 hour chart. Price as we mentioned before, has broken out of the short-term bearish channel. A bounce higher was justified also on a daily basis. The combination of the bullish RSI divergence with the break out above the green bearish channel increased the chances of a move higher. Price has already retraced more than 38% of the recent decline. Next resistance is at 1.0285 and most importantly at 1.0350. Previous support is now resistance. EURUSD can continue higher but we believe that this bounce is only a counter trend move. Bears are expected to be back and EURUSD under pressure again. Price is still inside the medium-term bearish channel.

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.