Technical Analysis of EUR/USD on 26/07/2023 – 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: 1.102
• Second Key support level of EUR/USD: 1.097491
• Third Key support level of EUR/USD: 1.084
• First key resistance level of EUR/USD: 1.108407
• Second Key resistance level of EUR/USD: 1.114468
• Third Key resistance level of EUR/USD: 1.125076

• First key support level of USD/CHF: 0.86133
• Second Key support level of USD/CHF: 0.86
• Third Key support level of USD/CHF: 0.85612
• First key resistance level of USD/CHF: 0.86415
• Second Key resistance level of USD/CHF: 0.87005
• Third Key resistance level of USD/CHF: 0.87483

• First key support level of GBP/USD: 1.279742
• Second Key support level of GBP/USD: 1.268784
• Third Key support level of GBP/USD: 1.259104
• First key resistance level of GBP/USD: 1.293714
• Second Key resistance level of GBP/USD: 1.3
• Third Key resistance level of GBP/USD: 1.312615

• First key support level of USD/JPY: 140.162
• Second Key support level of USD/JPY: 139.3
• Third Key support level of USD/JPY: 137.4
• First key resistance level of USD/JPY: 140.733
• Second Key resistance level of USD/JPY: 141.940
• Third Key resistance level of USD/JPY: 142.8

Technical Analysis of EUR/USD on 26/07/2023.

In last week’s analysis of the EUR/USD currency pair, it was pointed out that solid technical indicators were pointing towards a price decrease. This prediction proved accurate as the price eventually dropped and hit the 1.117 and 1.110672 support levels. The market has experienced a downward trend, and sellers have been able to push the price down to the lowest level of 1.10202. This level is now the most critical obstacle for further price decline.

In the weekly time frame or long-term view, considering the closing of the bearish candle in the previous week, until the resistance level of 1.12748 is maintained, it is considered a downward trend, or if buyers resist to maintain the upward trend, the trend has the potential to range.

Analysing the short-term perspective, the price decline has stopped upon reaching the round support level of 1.10200, prompting some sellers to close their transactions. The Spinning Top candlestick pattern implies uncertainty among traders and a potential weakening of the previous downward trend. To resume the downward trend, it is crucial to observe a break in the support level of 1.10200. If the price peak of 1.108612 is surpassed, there will be more potential for price growth, leading buyers to attempt to overcome the resistance level 1.11400.

CloseOption Team

www.closeoption.com