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EUR/USD Technical Analysis and Trading Tips for July 26, 2022

Relevance up to 06:00 2022-07-28 UTC–4

As of this writing, EUR/USD broke through the important near-term support level 1.0189 (200 EMA on the 1-hour chart), resuming its decline inside the descending channel on the daily chart. EUR/USD also continues to fall deeper into the downward channel on the weekly chart, the lower limit of which is currently near 0.9800.

EUR/USD may soon test the 1.0000 level again, specially if the Fed’s monetary policy decision tomorrow (at 18:00 GMT) does not disappoint market participants.

The dollar continues to dominate the market. The main drivers of the dollar’s growth are risk aversion and the Fed’s monetary policy, which remains the tightest among the world’s major central banks to date.

Meanwhile, the risks of recession and, possibly, stagflation are growing in the euro area. The euro remains under pressure from these risks. The negative momentum is growing, and EUR/USD pair again falls towards the parity of the euro with the dollar.

EUR/USD is in the zone of a long-term bearish market below the key resistance levels of 1.0750 (144 EMA on the daily chart), 1.0895 (200 EMA on the daily chart). And a possible corrective growth will most likely be limited either by the local resistance level of 1.0275 or (if successful for euro coincidence) resistance level 1.0390 (50 EMA on the daily chart). In the main scenario, we expect further decline.

Support levels: 1.0100, 1.0000, 0.9800

Resistance levels: 1.0189, 1.0275, 1.0315, 1.0355, 1.0390, 1.0610, 1.0750, 1.0800, 1.0895, 1.1000

Trading Tips

Sell by market. Stop Loss 1.0210. Take Profit 1.0100, 1.0000, 0.9800

Buy Stop 1.0210. Stop-Loss 1.0130. Take-Profit 1.0275, 1.0315, 1.0355, 1.0390, 1.0610, 1.0750, 1.0800, 1.0895, 1.1000

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

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