Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Technical analysis on EUR/USD for July 4, 2018

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The EUR/USD pair has been moving mainly sideways for the last few sessions between 1.17 and 1.16. Medium-term trend remains bearish. As we said in the previous analysis, trend is bearish as long as we trade below 1.1720 and we should look to sell rallies.

analytics5b3c7c91a1e8e.png

Red line -medium-term resistance

Blue line – support

Magenta line – RSI support and divergence

The EUR/USD pair is challenging the medium-term resistance trend line that comes down from 1.24. A multiple bottom formation has been formed above 1.15 and a break below it will open the way for a move towards 1.14 as many stops will be placed there. On the other hand, a break above 1.1720 will open the way for a move higher towards 1.20-1.21. Until Friday, I do not expect much to change. The NFP numbers which are due on Friday will drive the market and provide some more volatility.

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

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