EURUSD Technical Analysis – July 16, 2021

EURUSD rose on Thursday, and the technical bias is bearish due to lower highs in the recent downtrend.

The pair is current trading near 1.18126, and multiple resistance levels can be seen which may prevent the price from rising further.

  • Resistance level 1: 1.18250
  • Resistance level 2: 1.18500
  • Resistance level 3: 1.18800

Below the price, multiple support levels can be seen which may prevent the price from falling.

  • Support level 1: 1.17950
  • Support level 2: 1.17720
  • Support level 3: 1.17350

The Euro zone will announce the June inflation data on Friday. Higher data will indicate favourable to Euro, so it is bullish for the European and American currency pairs and vice versa.

Looking at the current price trend and economic development, it may be a good trading choice to sell the EURUSD currency pair near the current level.