Europe’s common currency swung sharply lower in the previous session, with prices falling below 1.1600 for the first time in three weeks. What is next for buyers? The following 20 July EURUSD Technical Outlook reveals.
20 July, OctaFX – The euro has reversed sharply from the 1.1570 region against the greenback, after the US dollar index suffered a third major technical rejection from the 95.50 level.
The EURUSD pair has so far found strong resistance from just below the key 1.1681 level and trades back towards the 1.1650 level once again. Buyers will try to force price above the 1.1681 level, while sellers will target losses below the key 1.1600 support level.
20 July EURUSD Technical Outlook
- The EURUSD pair is still bearish while trading below the 1.1681 level, key support is found at the 1.1630 and 1.1600 levels.
- If the EURUSD pair moves above the 1.1681 level, buyers will attempt to move price towards the 1.1700 and 1.1744 resistance levels.
This article about 20 July EURUSD Technical Outlook 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.