EURUSD Daily Forecast Jul 16 2020

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EURUSD: Limited Gains But Still At Risk Of Falling…

The EURUSD remains on the upside as long as holds above 1.1325 resistance on a daily closing basis. Resistance comes at 1.1405 levels. A break would open 1.1460 next, a further upside aims the 1.1540 levels ahead of the 1.1625 levels.

Above 1.1325, the bullish momentum remains intact, below 1.1325 may expose 1.1260 levels…

On the downside, rejection from 1.1405 levels could mean a return to 1.1325 levels. A halt is likely, it may consolidate above 1.1325 before the next move. Anyway; the next support comes in the 1.1260 levels.

In conclusion: The EURUSD sees upside threats above 1.1325 levels with caution…

Support:1.1325, 1.1260, 1.1178, 1.1092, 1.1020

Resistance: 1.1405, 1.1460, 1.1540, 1.1625, 1.1668

EURUSD Daily Forecast Jul 16 2020Key data/events which may affect EURUSD today:
  • ECB Interest Rate Decision (Jul) + ECB Monetary Policy Statement at 11:45 GMT. Followed by ECB Press Conference at 12:30 GMT.
  • U.S Retail Sales data at 12:30 GMT.