FX.co ★ July 24, 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 manifested in the depicted ascending wedge-pattern during last week's consolidation.

However, this week a few negative fundamental data from the U.S. have caused the EUR/USD to achieve another breakout to the upside.

Estimated target for the pair is located around 1.1650 which stands as a prominent resistance level to be watched for a valid short-term SELL Position with estimated target down to 1.1500