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31.07.202012:54 EUR/USD At New Highs As Expected!

Exchange Rates 31.07.2020 analysis

EUR/USD has resumed its upside movement and now is traded at 1.1861 level, the next major upside targets are seen at the 1.19 and at the 1.20 levels. The pair is traded far above the uptrend line, so the outlook is bullish, EUR/USD could climb higher, towards new highs as long as it stays within the uptrend.

The 1.1806 was seen as an important upside target, the breakout above this obstacle signals that the buyers are very strong and they could push the rate higher in the upcoming period.

  • EUR/USD Trading Tips

A minor consolidation, accumulation, sideways movement above the 1.1806 - 1.1800 area could bring another buying opportunity. You should know that a sideways movement will suggest that EUR/USD tries to capture more energy before going higher towards the 1.1900 and towards the 1.20 psychological level.

The upside bias will remain intact as long as the uptrend line is intact. I believe that only a valid breakdown through the uptrend line could invalidate a further increase and will suggest selling this pair.

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

Performed by Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2020
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