Intraday technical levels and trading recommendations for EUR/USD for July 5, 2018
In April 2018, the short-term outlook turned to become bearish when the EUR/USD pair maintained trading below the broken uptrend as well as the lower limit of the depicted consolidation range.
The price zone (1.1850-1.1750) offered temporary bullish rejection towards 1.1990 where a descending high was established. However, the EUR/USD bulls failed to pursue towards higher bullish targets.
Instead, further bearish momentum was expressed in the market.
Recently, the price zone (1.1850-1.1750) offered significant bearish rejection and a valid SELL entry. Bearish target around 1.1520 has already been reached.
The price zone of 1.1520-1.1420 was considered a prominent bullish demand where a valid bullish BUY entry was offered during previous weeks’ consolidations.
On the other hand, the price levels around 1.1750 remain a significant supply zone for the EUR/USD pair where bearish rejection should be anticipated.
Hence, the EUR/USD pair remains trapped inside a consolidation range between the depicted key-levels 1.1520 and 1.1700 until a breakout occurs in either direction.