EURUSD Technical Analysis – July 21, 2021

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

The pair is currently trading near 1.17798, and multiple resistance levels can be seen above which may prevent the price from rising further.

  • Resistance level 1: 1.17880
  • Resistance level 2: 1.17980
  • Resistance level 3: 1.18150

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

  • Support level 1: 1.17650
  • Support level 2: 1.17500
  • Support level 3: 1.17350

Investors should pay attention to the European Central Bank’s interest rate decision on 22nd of July this Thursday. The expectation of a rate hike indicates that it is beneficial to the Euro, so the EURUSD currency pairs are bullish 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.