FX.co - EUR/USD analysis for July 29 2021 - Breakout of falling wedge and potentuial for big rally towaards 1.1965

2021-07-29T11:17:46

Relevance until2021-07-31

Technical analysis:

EUR/USD analysis for July 29 2021 - Breakout of falling wedge and potentuial for big rally towaards 1.1965

EUR has been trading upside as I expected and the breakout mode is the condition that is present today.

Trading recommendation:

Watch for the buying opportunities on the intraday pullbacks with the major target at the price of 1,1965.

The main cause for the rally is the breakout of the falling wedge pattern in the background and exhaustion condition.

RSI oscillator is showing reading above 70 but with no signs of any reversal....

*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 29 2021 - Breakout of falling wedge and potentuial for big rally towaards 1.1965