FX.co ★ Technical analysis of EUR/USD for July 15, 2020

Overview:

The EUR/USD pair broke resistance which turned to strong support at the level of 1.1375 yesterday. The level of 1.1375 coincides with a top point (100% of Fibonacci), which is expected to act as major support today.

The Relative Strength Index (RSI) is considered overbought because it is above 70. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100).

This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.1403 with the first target at the level of 1.1450.

From this point, the pair is likely to begin an ascending movement to the point of 1.1500 and further to the level of 1.1546.

The level of 1.1546 will act as a new strong resistance in coming hours.

On the other hand, if a breakout happens at the support level of 1.1329, then this scenario may become invalidated.