FX.co ★ July 20, 2020 : EUR/USD daily technical review and trade recommendations.

The EURUSD pair has been moving-up since the pair has initiated the depicted uptrend line on May 25.

On June 11, a major resistance level was formed around 1.1400 which prevented further upside movement and forced the pair to have a downside pause towards the uptrend line.

Since last week, the uptrend seems to show signs of weakness while moving above the mentioned resistance level (1.1400).

A couple of contradictory Fundamental data from the U.S. have caused some hesitation in the market during the past few days.

This is manifested in the depicted ascending wedge-pattern which is usually a reversal pattern after such upside movement.

We should be expecting a probable breakdown for the short-term uptrend line to the downside in the near future.

That's why, Short-term traders can have a valid SELL order/position after the EURUSD pair manages to move back below the broken resistance level at 1.1400

Estimated target levels are located around 1.1350, 1.1300 and 1.1225 while exit level should be located above 1.1470.