Technical analysis of EUR/USD for 19/07/2019:

Technical Market Overview:

The EUR/USD pair has bounced again from the technical support located at the level of 1.1206 and currently, the bulls are trying to test the technical resistance level located at 1.1284. A breakout above this level woul directly expose the next technical resistance at the level of 1.1311 and the price would be back in the channel again. Any failure here will lead to the reversal and another spike down towards the key technical support level.

Weekly Pivot Points:

WR3 - 1.1406

WR2 - 1.1342

WR1 - 1.1312

Weekly Pivot - 1.1251

WS1 - 1.1222

WS2 - 1.1157

WS3 - 1.1125

Trading recommendations:

The best strategy for the current market conditions is to buy the corrections in anticipation of the uptrend to resume. This strategy is valid as long as the level of 1.1181 is clearly violated. The larget time frame trend is still down, but there are signs of the trend reversal and the Ending Diagonal breakout to the upside.

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The material has been provided by InstaForex Company - www.instaforex.com