FX.co ★ July 30, 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 for some time and forced the pair to have a downside pause.

Recently, the EURUSD demonstrated an ascending wedge around the mentioned price level of 1.1400.However, Last week a few negative fundamental data from the U.S. have caused the EUR/USD to achieve another breakout to the upside.

This week, the EURUSD has been approaching the price levels around 1.1750 where some signs of downside pressure are being enhanced by the negative fundamental reports from Germany Today.

Intraday traders should be considering the current breakdown of the depicted short-term uptrend line. A Breakdown below the price level of 1.1650 is going to give a better confirmation for a valid SELL Position.

Estimated targets would be located around 1.1550, 1.1500 then 1.1450.