FX.co - EUR/USD analysis for July 02 2021 - Downside continuation towards 1.1710 in the play

2021-07-02T11:54:46

Relevance until2021-07-04

Technical analysis:

EUR/USD analysis for July 02 2021 - Downside continuation towards 1.1710 in the play

EUR/USD has been trading downside as I expected. The EUR is heading towards second downside target at 1.1710.

Trading recommendation:

Watch for potential selling opportunities on the rallies with the downside target at 1.1710.

The main cause of the downside movement is downside breakout of the flag pattern in the background.

Stochastic is showing oversold condition but with bear cross, which is sign that sellers are still in control.

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

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for July 02 2021 - Downside continuation towards 1.1710 in the play