Technical Analysis of EUR/USD for July 31, 2020:

Technical Market Outlook:

The EUR/USD pair has broken through the key long-term Fibonacci retracement located at the level of 1.1822 and made a new high at the level of 1.1904 ( at the time of writing the analysis). The bulls are still in control of the market and both momentum and stochastic indicators are showing a possible up wave extension towards the level of 1.2000. Please notice, today is the last day of the month, so the end of the month's flows might interrupt the bulls plan to prosper. The nearest technical support is seen at the level of 1.1813 - 1.1790.

Weekly Pivot Points:

WR3 - 1.2024

WR2 - 1.1839

WR1 - 1.1768

Weekly Pivot - 1.1582

WS1 - 1.1509

WS2 - 1.1334

WS3 - 1.1257

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.

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