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Wave Analysis from InstaForex
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[QUOTE="InstaForex Gertrude, post: 23261, member: 2617"] [B]Technical Analysis of EUR/USD for July 16, 2020:[/B] Technical Market Outlook: Another Bearish Engulfing candlestick pattern has been made at the top of the last move up at the level of 1.1452, but bulls are not giving up. This is the seventh attempt to rally above the supply zone located between the levels of 1.1406 - 1.1419. The RSI indicator shows the positive and strong momentum, so the market participants should wait for a Pin Bar like candlestick around the level of 1.1400. If there is this kind of a reversal candlestick pattern, then the bulls might continue the local up trend towards the level of 1.1497. Weekly Pivot Points: WR3 - 1.1497 WR2 - 1.1428 WR1 - 1.1365 Weekly Pivot - 1.1301 WS1 - 1.1233 WS2 - 1.1170 WS3 - 1.1101 Trading Recommendations: On the EUR/USD pair, the main long-term trend is down, but the local up trend continues. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336). [IMG type="full"]https://forex-images.ifxdb.com/userfiles/20200716/analytics5f0fea30cb07d.jpg[/IMG] [I][URL="https://www.instaforex.com/forex_analysis"]Analysis are provided by[B][COLOR=Red]Insta[/COLOR]Forex[/B].[/URL][/I] [/QUOTE]
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