Brief trading recommendations for EUR/USD and GBP/USD and USD/CAD on 07/17/20

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The EUR/USD pair felt the pressure within the area of 1.1400/1.1440 once again, which plays the role of resistance in the market. As a result, there were sales positions that returned the quote below the trend line. Based on two technical analysis signals, a rebound from the resistance level and price consolidation below the trend line, it can be assumed that market participants are still prone to further decline of the European currency.

It is recommended to sell a pair at a price lower than 1.1375 with the prospect of a move to 1.1350-1.1300

An alternative scenario will be considered if the quote returns to the area of 1.1400/1.1440, with subsequent consolidation higher than 1.1450. This step will indicate a breakdown of the resistance area, with a possible price movement towards the maximum of March 9 - 1.1500.

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The GBP/USD pair is highly active, during which the quote rebounded once again from the resistance level of 1.2620, which led to a flurry of sales of the pound. The rapid return of the quote towards the recent support of 1.2520 indicates that market participants are still considering the downward move as a promising trading position. That is why it is worth returning to sales, and to minimize risk, it is better to enter the market from a value of 1.2535.

It is recommended to sell a pair at a price below 1.2535 with the prospect of a move to 1.2500. The most impressive price move awaits us in the event of a breakdown of the level of 1.2500.

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For the USD/CAD currency pair, a fluctuation in a narrow range of 1.3565/1.3585 was found, which arose after a sharp upward price movement. If the price has a closed cycle of oscillation, then a breakdown of one or another border can give the market a local movement in the direction of breakdown. Thus, our trading tactic will be to work on the breakdown of one of the framework 1.3565/1.3585.

It is recommended to buy a pair at a price above 1.3585 with the prospect of a move to 1.3600-1.3620

It is recommended to sell the pair at a price lower than 1.3565 with the prospect of a move to 1.3540-1.3515

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