Technical Analysis of EUR/USD for July 15, 2020:

Technical Market Outlook:

The EUR/USD pair keeps moving higher and in the last wave up the bulls tested the supply zone located between the levels of 1.1403 - 1.1419. Another Bearish Engulfing candlestick pattern has been made at the top of the move up, but bulls are not giving up. This is the sixth attempt to rally above the supply zone, so despite those two indications of a possible down trend in progress, the bears must try harder and increase the momentum in order to control the market. The RSI indicator shows the positive and strong momentum, so the next target for bulls is seen at the level of 1.1447.

Weekly Pivot Points:

WR3 - 1.1497

WR2 - 1.1428

WR1 - 1.1365

Weekly Pivot - 1.1301

WS1 - 1.1233

WS2 - 1.1170

WS3 - 1.1101

Trading Recommendations:

On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).

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