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Technical analysis of EUR/USD for July 20, 2022

Relevance up to 14:00 2022-07-21 UTC–4

Overview :

The EUR/USD pair faced 1.0150 minor support intact, intraday bias in The EUR/USD pair stays mildly on the upside for 1.0113 resistance turned support. Break there will target channel resistance at 1.0274.

Yesterday the EUR/USD pair traded higher and closed the day in positive territory near the price of 1.0150. Today it was trading in a narrow range of 1.0113 – 1.0150, staying close to yesterday’s closing price.

On the hourly chart, the EUR/USD pair is testing resistance – the moving average line MA (100) H1 (1.0170). On the four-hour chart, the EUR/USD pair is still above the MA 100 H4 line.

The basic trend is slightly bullish and the short term is tentatively bearish. With such a pattern, the price could just as easily move towards the first support as the first resistance.

Based on the above, it is probably worth sticking to the south direction in trading, and as long as the EUR/USD remains below MA 200 H4, it may be necessary to look for entry points to sell at the end of the correction.

The first support is located at the price of 1.0151. The first resistance is located at the price of 1.0274. With no basic trend, it will be important to monitor the reaction of the price to the levels cited.

A bullish break in resistance would be welcome to increase the slightly bullish basic trend.

Furthermore, if the trend is able to break out through the first resistance level at 1.0203, we should see the pair climbing towards the double top (1.0274) to test it.

Therefore, buy above the level of 1.0151 with the first target at 1.0203 in order to test the daily resistance 1 and further to 1.0274. Also, it might be noted that the level of 1.0274is a good place to take profit because it will form a double top.

On the other hand, if the price is blocked by support or resistance, it could be attractive to trade against the trend on the last short-term movement registered byThe EUR/USD pair. On the downside, below 1.0151 minor support will bring retest of 1.0076 low instead.

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

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