• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

May Fall After Resistance Holds

Forex Tips by Forex Tips
July 26, 2020
in Technical Analysis
0
May Fall After Resistance Holds
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Euro vs US Dollar Technical Outlook

  • The safe-haven linked the US Dollar weakened despite the global increase in Coronavirus infections
  • EUR vs USD price chart reveals a possible reversal on the horizon

EUR/USD Price Printed a Multi-Month High

From July 13th to the 17th, EUR/USD hit an over four-month high at 1.1452 and retreated after as some bulls seemed to cut back. Ultimately, the market closed a weekly candlestick in the green with a 1.1% gain.

Traders appeared to invest in riskier assets amid positive news about a coronavirus vaccine. Despite rising cases of the COVID-19 in the US, the market mood has remained upbeat, denting safe haven-linked US dollar.

EUR/USD DAILY PRICE CHART (AUG 1, 2018 – JuLy 24, 2020) Zoomed Out

EURUSD Daily Price Chart

EUR Forecast

EUR Forecast

Recommended by Mahmoud Alkudsi

Download our fresh Q3 Euro Forecast

EUR/USD DAILY PRICE CHART (May 21 – JuLY 24, 2020) Zoomed IN

EURUSD Four-Hour Price Chart

On July 16, EUR/USD rebounded from 1.1370 indicating that bullish momentum was still intact. As a result, the price rallied this past week by 2.0% and climbed above the 1.1508 – 1.1639 trading zone. On Friday, the price hit its highest level in near two years at 1.1656.

However, it’s important to note the price and RSI divergence as the former created a higher high, while the latter created a lower high, signaling a possible reversal of the upward trend.

A daily close above the high end of the current trading zone may encourage bulls to rally EURUSD towards the monthly resistance at 1.1828 (Sep -2018 high).

On the flip-side, a failure to close above the high end of the zone may ultimately guide the pair’s fall towards the low end of the zone.

Traits of Successful Traders

Traits of Successful Traders

Recommended by Mahmoud Alkudsi

Traits of Successful Traders

EUR/USD Four-Hour PRICE CHART (May 29 – JuLY 24, 2020)

EURUSD price chart

This past week, EUR/USD failed on multiple occasions to break below the bullish trendline support originated from the July 10 low at 1.1254 allowing bulls to rouse momentum.

To conclude, while the bullish bias is still in place the price/RSI divergence provides a good base of a possible reversal. Therefore, a break below 1.1570 (the Jan 10-2019 high) could send the EURUSD towards the low end of the current trading zone at 1.1508, while a break above 1.1661 (Aug -2017 low) may trigger a rally towards 1.1750. As such, the support and resistance levels underscored on the four-hour chart should be kept in focus.

Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi





Source link

Share76Tweet47

Related Posts

Loonie’s Wings Clipped? Levels for CAD/JPY, USD/CAD

by Forex Tips
January 19, 2021
0

Canadian Dollar Forecast Overview:The Canadian Dollar has struggled to recapture bullish momentum as FX markets continue to rebalance US...

New Zealand Dollar Technical Analysis: AUD/NZD, NZD/JPY, NZD/USD

by Forex Tips
January 19, 2021
0

New Zealand Dollar, AUD/NZD, NZD/JPY, NZD/USD, Technical Analysis – Talking Points:NZD/USD eyeing a push to key support at the...

Our data shows traders are now net-long France 40 for the first time since Dec 22, 2020 when France 40 traded near 5,477.70.

Our data shows traders are now net-long France 40 for the first time since Dec 22, 2020 when France 40 traded near 5,477.70.

by Forex Tips
January 19, 2021
0

Number of traders net-short has decreased by 11.14% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS...

Oil – US Crude IG Client Sentiment: Our data shows traders are now net-long Oil – US Crude for the first time since Jan 05, 2021 when Oil

Oil – US Crude IG Client Sentiment: Our data shows traders are now net-long Oil – US Crude for the first time since Jan 05, 2021 when Oil

by Forex Tips
January 19, 2021
0

Number of traders net-short has decreased by 10.03% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS...

Our data shows traders are now net-long EUR/JPY for the first time since Nov 25, 2020 when EUR/JPY traded near 124.40.

Our data shows traders are now net-long EUR/JPY for the first time since Nov 25, 2020 when EUR/JPY traded near 124.40.

by Forex Tips
January 19, 2021
0

Number of traders net-short has decreased by 19.35% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.