Technical analysis of EUR/USD for July 12, 2019

Trading 12 juil 2019 Donner votre avis

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Overview:

The EUR/USD pair continues to move upwards from the level of 1.1179 (support zone). Last week, the pair rose from the level of 1.1179 to a top around 1.1222 (currently price is set at the 1.1202 price). Today, the first resistance level is seen at 1.1262 followed by 1.1295, while daily support 1 is seen at 1.1179 (23.6% Fibonacci retracement). According to the previous events, the EUR/USD pair is still moving between the levels of 1.1179 and 1.1295; so we expect a range of 116 pips. Furthermore, if the trend is able to break out through the first resistance level at 1.1222, we should see the pair climbing towards the double top (1.1295) to test it. Therefore, buy above the level of 1.1179 with the first target at 1.1262 in order to test the daily resistance 1 and further to 1.1295. Also, it might be noted that the level of 1.1295 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1179, a further decline to 1.1108 can occur which would indicate a bearish market.

The material has been provided by InstaForex Company - www.instaforex.com

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