EUR/USD Faces Strong Resistance Level

During the corrective movement from the support level of 1.1750, the euro/dollar pair faced a strong resistance level of 1.1900. Near this level, there was a reduction in the volume of long positions and an increase in the volume of short ones. As a result, the price had to retreat. The pair previously reached the resistance level of 1.1900 on July 6 and 12 where a pullback was seen. On the daily chart, we can see that the corrective movement did not influence the downward cycle that started in early June.

Outlook

Bulls are still unable to push the price above the resistance level of 1.1900. This is why the pair is highly likely to return to the levels seen during the correction.

If the price falls below 1.1850, it may drop even lower to 1.1800.An alternative scenario suggests that the quote may not slide to 1.1850. It is more likely to get stuck in the range of 1.1850-1.1900.Additionally, technical indicators signal a short-term downtrend.

InstaForex Group

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