July 31, 2020 : EUR/USD daily technical review and trade recommendations.

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The EURUSD pair has been moving-up since the pair has initiated the depicted uptrend line on May 25.

On June 11, a major resistance level was formed around 1.1400 which prevented further upside movement for some time and forced the pair to have a downside pause.

However, a few negative fundamental data from the U.S. have caused the EUR/USD to achieve another breakout to the upside.

This week, the EURUSD has approached the price levels around 1.1750 while temporary signs of downside pressure were demonstrated before another upside movement could be expressed towards 1.1900.

Intraday traders should be considering any breakdown of the depicted short-term uptrend line. A Breakdown below the price level of 1.1750 and 1.1650 is going to give a better confirmation for a valid SELL Position.

Estimated targets would be located around 1.1550, 1.1500 then 1.1450.

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