(Technical change over this period is often limited, but serves as a guide for potential longer term moves)

At the June book close, EUR / USD – in the form of a nearly full bearish candle – was touching gloves with familiar support at $ 1.1857-1.1352 and erasing 3.0%.

Bullish rally highlights 2021 peaks at $ 1.2349; additional enthusiasm welcomes rising resistance (prior support [$1.1641]).

Since the beginning of the month, July has been trading down 0.5%.

Based on trend studies, a primary the uptrend has been going on since the price crossed the high of $ 1.1714 (August 2015) in July 2017. In addition, the price has penetrated the main resistance of the trendline, drawn from the high of 1, $ 6,038 in July 2020.

Daily schedule:

Technical structure unchanged from the previous analysis.

Since mid-June, the daily calendar has carved a downward wedge ($ 1.1848 / $ 1.1975), a pattern accommodating two tests on either side of the structure. Note that some technical analysts prefer corner formations to display at least three tests.

Nonetheless, if the price continues to compress into the bearish corner, Quasimodo support at $ 1.1688 should make an entry, arranged south of the 31st.st March low at $ 1.1704 (a place where sell stops will be triggered).

Any attempt to rise, a break above the current wedge pattern, rekindles interest in the 200-day simple moving average, around $ 1,2002 (sheltered below the supply at 1.2148-1.2092 ).

Trend-wise, we’ve been a bit rudderless since the start of the year, despite strong gains in 2020.

Outside of the Relative Strength Index (RSI), the value occupies the support trendline turned resistance, extended from the low of 29.54. Resistance is also close to 51.36, serving reasonably well since November 2020. A break above 51.36 indicates that momentum is on the upside (average gains exceed average losses) and, as a result, the. traders might observe a break above the noted descending wedge.

Period H4:

Technical structure unchanged from the previous analysis.

Aside from the bearish June bias, the technical areas to consider are Quasimodo support from $ 1.1749 and Quasimodo resistance at $ 1.1880.

Fibonacci studies reveal a 61.8% Fib retracement at $ 1.1893, plotted south of a 38.2% Fib retracement at $ 1.1912.

Period H1:

The single European currency refreshed its monthly lows against the greenback on Monday. US Treasury yields fell amid increased demand for safe-haven assets, pushing the US dollar, Swiss franc and Japanese yen higher.

Technically, at the dawn of US hours, EUR / USD staged a rally and broke through bids of $ 1.18, a psychological barrier that is the 100-period simple moving average.

Noting a short-term south-resident flow of $ 1.18, an Fib expansion of 1.272% to $ 1.1745, a 100% Fib projection at $ 1.1747 and an Fib extension of 1.27% at 1.1748 $ unite with the H4 Quasimodo support outlined above at $ 1.1749.

Those studying price dynamics will note that the Relative Strength Index (RSI) dipped one toe below the 50.00 centerline on Monday after fading from 61.00.

Observed levels:

From the monthly period, support at 1.1857-1.1352 is in play. In conjunction with the monthly, the daily calendar shows a descending wedge ($ 1.1847 / $ 1.1975), which given of the decline in June, highlights a potential reversal pattern.

The short-term flow centers on a possible sell-off to the H1 period Fibonacci structure between $ 1.1745 and $ 1.1748, joined by Quasimodo’s H4 support starting at $ 1.1749.


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