FX.co ★ Technical Analysis of EUR/USD for July 5, 2021

Technical Market Outlook:

The EUR/USD pair has made a new swing low at the level of 1.1807, but due to the Bullish Engulfing pattern at the H4 time frame chart, the bulls are now trying to bounce higher. The nearest technical resistance is seen at the level of 1.1873 and 1.1883. The market conditions are now bouncing from the oversold levels, so the odds for a corrective move to the upside is high. If the level of 1.1883 is clearly violated, the next target for bulls is seen at the level of 1.1920. The larger time frame trend remains down as long as the level of 1.1975 is not broken.

Weekly Pivot Points:

WR3 - 1.2065

WR2 - 1.2006

WR1 - 1.1929

Weekly Pivot - 1.1867

WS1 - 1.1794

WS2 - 1.1726

WS3 - 1.1657

Trading Recommendations:

The down trend continues with a new swing low being made. The key long term technical support is seen at 1.1704. When this cycle is terminated, the up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021).