FX.co - EUR/USD analysis for July 20, 2022 - Breakout of the rising channel in the background

20 July 2022 at 11:20AM (UTC+0)

Relevance until21 July 2022 at 11:20AM (UTC+0)

Technical analysis:

EUR/USD analysis for July 20, 2022 - Breakout of the rising channel in the background

EUR/USD has been trading downside today and I saw the breakout of rising channel in the background, which is good sign for further downside movement.

Trading recommendation:

Due to the breakout of the rising channel today, I see potential for further downside continuation of the bear trend in the background.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at the price of 1.0125 and 1.000.

Key resistance is set at the price of 1.0275

*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 20, 2022 - Breakout of the rising channel in the background