Europe’s common currency was unable to break out of a downtrend on Thursday as prices remained capped below 1.1650 US. What’s next? Gain insight into this 19 July EURUSD Technical Forecast.
19 July, OctaFX – The euro has moved back towards the 1.1650 level after Federal Reserve Chair Jerome Powell struck a more dovish tone during the second part of his testimony before US Congress.
The MACD indicator across the four-hour time frame is also showing bullish potential, however, price still trades below the 200-period moving average on the mentioned time frame.
Sellers will once again target a break below the 1.1600 level, while buyers will look to push the price above the 200-period moving average.
19 July EURUSD Technical Forecast
- The EURUSD pair is only bearish while trading below the 1.1650 level, key support is found at the 1.1630 and 1.1600 levels.
- If the EURUSD pair moves above the 1.1650 level, buyers may once again test towards the 1.1684 and 1.1700 resistance levels.
This article about 19 July EURUSD Technical Forecast 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.