Technical analysis on EUR/USD for July 5, 2018
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.
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.