Trader, analyst and instructor with a 6-year experience

EUR/USD: trade recommendation (July 14)

By Felipe Erazo

On the H1 chart, EURUSD found strong support at the level of 1.3590, where the pair is moving in sideways and trying to make a bullish retracement. However, EURUSD may have a fall in the next few hours, as long as this pair make a breakout in the support level of 1.3582.

If successful, it is expected to fall to the level of 1.3559, where is located the 100.0 Fibo extension level. For now, the EURUSD is below the 500 EMA, so the bearish outlook is very strong, although it is likely to pair up again to the level of 1.3620, where is located 50.0 Fibo level.

Trading recommendations: Place sell orders when the EURUSD does a breakout at the support level of 1.3582, with take profit at 1.3559.

Chart. H4 GBP/JPY

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