Europe’s common currency rebounded sharply on Friday after hitting more than one-week lows. Should traders expect further upside? Find out from the following 16 July EURUSD Technical Analysis.
16 July, OctaFX – The euro currency has once again recovered upside momentum against the greenback, after the US dollar index failed to hold onto gains above the 95.00 level during the US trading session on Friday.
The EURUSD pair is now trading above its 200-period moving average on the four-hour timeframe, whilst the MACD indicator on the four-hour timeframe is currently pointing to further upside.
16 July EURUSD Technical Analysis
- The EURUSD pair is bullish while trading above the 1.1681 level, key resistance is now found at the 1.1700 and 1.1750 levels.
- If the EURUSD pair moves below the 1.1681 level, key technical support is found at the 1.1650 and 1.1630 levels.
This article about 16 July EURUSD Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.