EURUSD Upside Bias Sustained Past 1.1452 High Level As EU Summit Prolongs

EURUSD Price Analysis – July 20

EURUSD continued to trade around the 1.1452 high level as EU leaders prolonged Monday’s recovery fund meeting to another day. The old continent’s leaders have prolonged their bargaining for the fourth day, trading to sign off on a recovery fund – and they’re right on the brink of a deal.

Key Levels
Resistance Levels: 1.1569 1.1495, 1.1452
Support Levels: 1.1422, 1.1370, 1.1257, 1.1183
EURUSD Long term Trend: Bullish
EURUSD is beyond the prior high of 1.1452 level which is now turning to support. The next buffer is the daily low level of 1.1410, supported by the level of 1.1371, a major step on the high side which merges to the level of horizontal resistance at 1.1495. Much farther down it is anticipated by 1.1350 and 1.1320 levels.

To the corrective, last week’s 1.1371 level of 38.2 percent tried to avoid downside declines and it might require swift action if the market reverses lower. That situation may no longer be true though if the price breaks the support to the downside at 1.1371 level.
EURUSD Short term Trend: Bullish
In short, the short-term risk in EURUSD is still skewed to the upside and it would be important to see if the market is capable of trading past the level of 1.1452, while reopening its upward trajectory in the short to medium term.

There firm breach may have greater bullish consequences and aim a forecast of 61.8 percent from 1.1183 to 1.1422 at 1.1569 next levels.  At the weakness, a breach of 1.1371 minor support level may switch on the downside bias of 1.1183 support level back into focus. There would be a definitive split suggesting bearish turnaround for the near term.

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