Despite showing newfound strength in recent days, EURUSD maintains a distinctly downward bias so long as prices hold below the 1.1800 target. What should traders expect? This 24 July EURUSD Technical Outlook reveals.
24 July, OctaFX – The euro continues to reverse early-week gains against the US dollar, as trade war fears help to underpin strength in the greenback.
The EURUSD pair is currently trading below the 1.1700 level and remains at risk of further losses if price slips below the 1.1681 level.
The MACD indicator is also starting to turn lower across the four-hour time frame, while the price is also starting to approach the 200-period moving average on the mentioned time frame.
24 July EURUSD Technical Outlook
- The EURUSD pair is only intraday bullish while trading above the 1.1681 level, key resistance is found at the 1.1724 and 1.1750 levels.
- If the EURUSD pair falls below the 1.1681 level, sellers will likely test towards the 1.1650 and 1.1630 support levels.
This article about 24 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.