Technical Analysis of EUR/USD for July 20, 2020:

Technical Market Outlook:

The EUR/USD pair keeps trading close to the level of 1.1450 after making last pull-back very shallow. The next target for bulls is seen at the level of 1.1489 - 1.1497 and if the momentum will be still high and positive, then the odds for this scenario are high. The nearest technical support is seen at the level of 1.1406, but only a sustained breakout below the level of 1.1347 will change the short-term trend from up do down.

Weekly Pivot Points:

WR3 - 1.1642

WR2 - 1.1541

WR1 - 1.1496

Weekly Pivot - 1.1397

WS1 - 1.1342

WS2 - 1.1243

WS3 - 1.1193

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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