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Technical Analysis of EUR/USD on 19/07/2023. – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

• First key support level of EUR/USD: 1.117123
• Second Key support level of EUR/USD: 1.1092
• Third Key support level of EUR/USD: 1.1
• First key resistance level of EUR/USD: 1.127272
• Second Key resistance level of EUR/USD: 1.135
• Third Key resistance level of EUR/USD: 1.148

• First key support level of USD/CHF: 0.855252
• Second Key support level of USD/CHF: 0.85
• Third Key support level of USD/CHF: 0.838563
• First key resistance level of USD/CHF: 0.863194
• Second Key resistance level of USD/CHF: 0.87
• Third Key resistance level of USD/CHF: 0.874452

• First key support level of GBP/USD: 1.284868
• Second Key support level of GBP/USD: 1.28
• Third Key support level of GBP/USD: 1.267558
• First key resistance level of GBP/USD: 1.294705
• Second Key resistance level of GBP/USD: 1.301
• Third Key resistance level of GBP/USD: 1.304978

• First key support level of USD/JPY: 139.4
• Second Key support level of USD/JPY: 138
• Third Key support level of USD/JPY: 137.300
• First key resistance level of USD/JPY: 140.338
• Second Key resistance level of USD/JPY: 141.150
• Third Key resistance level of USD/JPY: 142

 

Technical Analysis of EUR/USD on 19/07/2023.

 

Over the past couple of weeks, the EUR/USD currency pair has experienced a strong and steady upward trend, with buyers driving the price up to its highest level at 1.12748. However, the price has been unable to climb beyond the resistance levels of 1.12700 (round amount) and the 61.8% Fibonacci level, resulting in some buyers exiting their transactions and weakening the upward trend.

At present, there appears to be no apparent reason for the formation of a price ceiling and any potential further price reductions. If the current resistance levels are challenged and overcome, the price may continue to rise and reach the resistance levels of 1.14000 and 1.14800. However, in the shorter term, daily candlestick patterns like the Spinning Top Pattern and Hanging Man suggest the possibility of a price ceiling forming.

Between the price ceiling of 1.12748 and the price floor of 1.063623, a butterfly-type harmonic pattern has emerged, which could indicate a potential price reduction from point D. If the price remains oversold and the price ceiling of 1.12748 is maintained, the price can correct the upward trend and fall to the support levels of 1.117 and 1.110672.

 

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