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 5, 2018

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EUR/USD is trying to break out and above the short-term trading range. The price is breaking above short-term resistance trend line at 1.17 and we could see more upside if we break 1.1720.

analytics5b3dc1af44ef2.png

Red line – resistance

Blue line – support

Magenta line – RSI support

The EUR/USD held support at 1.15 and is trying to reach the cloud resistance at 1.1770. A break above this level could push the price higher towards 1.19-1.20. Short-term support is at 1.1625. A daily close below this level will be very bearish for EUR/USD and will increase dramatically the chances of moving towards 1.14-1.13 in the first half of July. ADP Payrolls announced today and Non-Farm Payrolls tomorrow. These announcements are going to bring volatility to the market.

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

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