Instaforex Analysis

[InstaForex Gertrude]

Forecast for EUR/USD on July 14, 2020

EUR/USD
The euro showed the expected growth on Monday, but the structure of this growth was tricky, there was a potential for the price to turn down, in a deep correction, for example, to the target level of 1.1195. This warning signal is weak on the daily chart. This is the probability of a reversal of the signal line of the Marlin oscillator from the border of the growth territory. Consolidating the price above yesterday's high will continue to develop in the market according to the main scenario – the euro's growth in the target range of 1.1420/65 with a divergence forming on Marlin.

The risk of a downward price reversal is stronger on the four-hour chart - this is a double divergence on the Marlin oscillator. Leaving the price below 1.1265 opens the remaining path to 1.1195. After falling below this level, the price will face a difficult task of reaching the target level of 1.1010 – it will face both difficult supports and weak dynamics on the discharged oscillators.

Analysis are provided by InstaForex

[IFX Yvonne]

Technical Analysis of GBP/USD for July 15, 2020:

Technical Market Outlook:

After the GBP/USD pair had made a Double Top price pattern at the level of 1.2668, the bears have managed to push the prices towards the level of 1.2484 which is the key short-term technical support for the market. The price has bounced from support, but no new high was made yet ( the local high was made at the level of 1.2586. The bulls might try to test the trend line from below, but this move would require more momentum in order to get to the level of 1.2640. The RSI indicator shows the momentum is neutral, so neither bulls not bears are in control of the market (on the short-term time frame like H4). Any violation of the level of 1.2466 will accelerate the sell-off towards the next technical support seen at the level of 1.2406.

Weekly Pivot Points:WR3 - 1.2915WR2 - 1.2796WR1 - 1.2712Weekly Pivot - 1.2585WS1 - 1.2508WS2 - 1.2378

WS3 - 1.2304

Trading Recommendations:

On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move even lower in the longer-term. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.



*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.