empty
 
 
20.07.2023 07:38 AM
Trading plan for EUR/USD on July 20, 2023

This image is no longer relevant

Technical outlook:

EUR/USD dropped through the 1.1180 lows during the New York session on Wednesday before pulling back. The single currency pair is seen to be trading close to 1.1220 at this point in writing as the bears prepare to resume lower. The potential downside targets are determined towards 1.1100 and 1.1000 going forward. Ideally, prices should stay below the 1.1275 high for now.

EUR/USD is now progressing higher towards 1.1500 after breaking out of its triangle consolidation earlier. The larger-degree rally is projected to cover around 700 pips from its support at 1.0830 which is equal to the previous rally between 0.9535 and 1.1035 respectively. The bullish scenario would remain intact as long as prices stay above 1.0830.

EUR/USD has carved a lower-degree upswing between 1.0830 and 1.1275 as discussed earlier and seen on the chart here. The above needs to be retraced before the next leg higher could resume. The projected targets are seen towards 1.1100 and up to 1.1000, passing through the Fibonacci 0.618 retracement.

Trading idea:

A potential drop to resume soon towards 1.1100 and 1.1000 levels.

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Oscar Ton
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback