Technical analysis of EUR/USD for 23.07.2019

Technical Market Overview:

The EUR/USD pair has broken below the technical support at the level of 1.1224, 1.1215 and 1.1193 after a failed rally towards the technical resistance at 1.1284. The volatility is limited, but the trends are still being respected by the market. The short-term key technical support is the level of 1.1181 and the long-term key technical support is seen at the level of 1.1101.

Weekly Pivot Points:

WR3 - 1.1340

WR2 - 1.1310

WR1 - 1.1257

Weekly Pivot - 1.1229

WS1 - 1.1171

WS2 - 1.1143

WS3 - 1.1089

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