EUR/USD: technical analysis 19.07.2019

EUR/USD: technical analysis 19.07.2019

Current trend

EUR/USD is in the stage of downward correction after raising to the level of 1.12815. The instrument is now testing the support level of 1.12610 (Murray [6/8]). If the current trend maintains, the next targets of sellers will be the area of 1.12457 (Murray [5/8])-1.12305 (Murray [4/8]). If the “bulls” manage to raise the rate above the level of 1.12762, the upward trend can restore, and the instrument can test the resistance level of 1.12915 (Murray [8/8]). The technical picture is mixed. Bollinger Bands are pointed sideways, reflecting the relative calmness of the markets. The volumes of MACD histogram are slowly growing in the positive zone. Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 1.12610, 1.12457, 1.12305.
Resistance levels: 1.12762, 1.12915, 1.13068.

Trading recommendations

Short positions can be opened below the level of 1.12610 with the target at around 1.12457 and stop-loss 1.12660.
Long positions can be opened above the level of 1.12762 with the target at around 1.12915 and stop-loss 1.12711.