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27.07.201811:54 Forex Analysis & Reviews: Technical analysis of EUR/USD for July 27, 2018

Long-term review

Exchange Rates 27.07.2018 analysis

Overview:

The EUR/USD pair continues to trade downwards from the level of 1.1752 (pivot). Besides, it should be noted that the level of 1.1752 coincides with the pivot point. This week, the pair has dropped from the level of 1.1752 to the bottom around 1.1678. Today, the first support level is seen at 1.1694, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.1752, which coincides with the 50% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.1694, the market will decline further to 1.1623 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1752 with the first target at 1.1663 and further to 1.1566. However, stop loss is to be placed above the level of 1.1813.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Mourad El Keddani,
Analytical expert of InstaForex
© 2007-2021
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