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EUR USD Technical Analysis 16 July 2020

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EUR USD Technical Analysis 16 July 2020

EUR USD Technical Analysis: The EUR rose 0.11% against the USD on Wednesday and closed at 1.1411. Today in the Asian session, while EUR USD technical Analysis 16 July 2020 is preparing at 5:15 GMT, the pair is trading at 1.1405, which is 0.06% higher from yesterday’s closed.

The pair is expected to find support at 1.1385 and a fall through could take it to the next support level of 1.1355. The pair is expected to find its first resistance at 1.1450, and a rise through could take it to the next resistance level of 1.1480. Today’s expected trading range is between 1.1325 support and 1.1500 resistance.

The expected trend for today is Bulish

Important support levels:

Support 1: 1.1385
Support 2: 1.1355
Support 3: 1.1325

Important Important resistance levels:

Resistance 1: 1.1450
Resistance 2: 1.1480
Resistance 3: 1.1500

EUR/USD buying opportunity for intraday trading on July 16, 2020

Buy near the support zones 1.1385 and 1.1355 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.

EUR/USD selling opportunity for intraday trading on July 16, 2020

Sell near the resistance zones 1.1450 and 1.1480 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.

Economic events to watch for the next 24 hours: Claimant Count Change (GBP); BoE Credit Conditions Survey (GBP); BoE Governor Bailey Speech (GBP); ECB Deposit Facility Rate Decision (EUR); ECB Interest Rate Decision (EUR); ECB Marginal Lending Facility Rate Decision (EUR); ECB Monetary Policy Press Conference (EUR); Retail Sales m/m (USD); Core Retail Sales m/m (USD); Philadelphia Fed Manufacturing Index (USD); Initial Jobless Claims (USD).

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