EUR/USD Technical Analysis Today 28.07.2020

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EUR/USD Technical Analysis Today 28.07.2020The EURUSD has been moving higher since the pair started on May 25 the uptrend shown in the image.

On June 11, a major resistance level was formed around 1.1400 which prevented further upward movement for some time and forced the pair to a negative halt. For a few days, the EURUSD pair formed a rising wedge around this level, affected by some contradicting fundamental data from the US.

Nevertheless, some negative data from the US last week caused the EUR/USD pair to make another bullish breakout.

Currently, the EURUSD is hovering around the 1.1750 level, where some signs of negative pressure are evident. The trader should wait for the next breakout of the short term uptrend line (1.1650) south, so that they can get a valid short position.

Expected targets will be 1.1550, 1.1500 and then 1.1450.

 

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