empty
 
 
13.07.2020 06:55 PM
July 13, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

This image is no longer relevant

On March 20, the EURUSD pair has expressed remarkable bullish recovery around the newly-established bottom around 1.0650.

Shortly after, a sideway consolidation range was established in the price range extending between 1.0770 - 1.1000.

On May 14, evident signs of Bullish rejection as well as a recent ascending bottom have been manifested around the price zone of (1.0815 - 1.0775), which enhances the bullish side of the market in the short-term.

Bullish breakout above 1.1000 has enhanced further bullish advancement towards 1.1175 (61.8% Fibonacci Level) then 1.1315 (78.6% Fibonacci Level) where bearish rejection was anticipated.

Although the EUR/USD pair has temporarily expressed a bullish breakout above 1.1315 (78.6% Fibonacci Level), bearish rejection was being demonstrated in the period between June 10th- June 12th.

This suggested a probable bearish reversal around the Recent Price Zone of (1.1270-1.1315) to be watched by Intraday traders.

Hence, Bearish persistence below 1.1250-1.1240 (Head & Shoulders Pattern neckline) was needed to confirm the pattern & to enhance further bearish decline towards 1.1150.

However, the EURUSD pair has failed to maintain enough bearish momentum to do so.

Instead, a narrow-ranged bullish channel is being expressed while re-approaching the price levels of 1.1380-1.1400 where the upper limit of the channel is located.

Please note that any bullish breakout above 1.1400 will probably lead to a quick bullish spike directly towards 1.1500.

Trade recommendations :

The current bullish movement towards the price zone around 1.1380-1.1400 should be watched cautiously by Intraday Traders for any signs of bearish rejection.T/P levels to be located around 1.1315, 1.1250 then probably 1.1175 while S/L to be placed above 1.1400 to minimize the associated risk.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback