Technical Analysis of EUR/USD for July 24, 2020:

Technical Market Outlook:

After the EUR/USD pair had broken through the long-term technical resistance located at the level of 1.1540, the up trend has been confirmed and it is being continued. Currently, the market is trying to extend the rally towards the level of 1.1629 or higher towards the level of 1.1648. The momentum is still strong and positive, but the market conditions are now overbought, so please keep in mind the pull-back scenario during the trading activities. If the support zone seen at the levels of 1.1497 - 1.1483 is clearly violated, then the bigger correction can take place with a target at the level of 1.1361 - 1.1347.The most important for bulls will be the weekly (2 days left) and monthly close (6 days left).

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:

The key long-term technical resistance is seen at the level of 1.1540 has been violated, so the EUR/USD pair confirmed the up trend. The next targets in the long-term are seen at the levels of 1.1813 - 1.1851. There is no indication of any bigger correction to come, so all the dips should be bought until the level of 1.1347 is clearly violated.

analytics5f1a8297a2b14.jpg

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