FX.co - EUR/USD analysis for July 12 2021 - ABC upside correction completed and potential for test of 1.1785

12 July 2021 at 11:51AM (UTC+0)

Relevance until13 July 2021 at 11:51AM (UTC+0)

Technical analysis:

EUR/USD analysis for July 12 2021 - ABC upside correction completed and potential for test of 1.1785

EUR/USD has been trading downside as I expected. There is still potential for further drop towards 1.1785.

Trading recommendation:

Watch for potential selling opportunities on the rallies with the downside target at the price of 1.1785.

Stochastic is showing fresh overbought condition and bear cross, which is another sign and confirmation for the downside rotation.

Key resistance is set at the price of 1.1880.

*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 12 2021 - ABC upside correction completed and potential for test of 1.1785