EURUSD Technical Analysis – July 20, 2021

EURUSD fell on Monday, and the technical bias is bearish due to lower lows in the recent downtrend.

The pair is currently trading near 1.17959, and multiple resistance levels can be seen above which may prevent the price from rising further.

  • Resistance level 1: 1.18030
  • Resistance level 2: 1.18130
  • Resistance level 3: 1.18250

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

  • Support level 1: 1.17850
  • Support level 2: 1.17700
  • Support level 3: 1.17550

On Thursday, the European Central Bank will announce the latest interest rate resolution. The expected interest rate hike indicate that it is favourable to the Euro, so it is bullish for the EURUSD 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.