empty
20.07.2023 07:38 AM
Trading plan for EUR/USD on July 20, 2023

This image is no longer relevant

Technical outlook:

EUR/USD dropped through the 1.1180 lows during the New York session on Wednesday before pulling back. The single currency pair is seen to be trading close to 1.1220 at this point in writing as the bears prepare to resume lower. The potential downside targets are determined towards 1.1100 and 1.1000 going forward. Ideally, prices should stay below the 1.1275 high for now.

EUR/USD is now progressing higher towards 1.1500 after breaking out of its triangle consolidation earlier. The larger-degree rally is projected to cover around 700 pips from its support at 1.0830 which is equal to the previous rally between 0.9535 and 1.1035 respectively. The bullish scenario would remain intact as long as prices stay above 1.0830.

EUR/USD has carved a lower-degree upswing between 1.0830 and 1.1275 as discussed earlier and seen on the chart here. The above needs to be retraced before the next leg higher could resume. The projected targets are seen towards 1.1100 and up to 1.1000, passing through the Fibonacci 0.618 retracement.

Trading idea:

A potential drop to resume soon towards 1.1100 and 1.1000 levels.

Good luck!

Oscar Ton,
Analytical expert of InstaTrade
© 2007-2025

Recommended Stories

How to Trade the GBP/USD Pair on July 29? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD The GBP/USD pair also traded lower on Monday, although the decline started much later than it did for the euro. This appears

Paolo Greco 07:06 2025-07-29 UTC+2

How to Trade the EUR/USD Pair on July 29? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD The EUR/USD currency pair plunged on Monday for quite understandable, logical, and consistent reasons. Essentially, the only event

Paolo Greco 07:06 2025-07-29 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on July 29: The Pound Didn't Expect This from von der Leyen

The GBP/USD currency pair traded more calmly on Monday. The European trading session passed entirely in a flat range, but during the U.S. session, the euro pulled the pound downward

Paolo Greco 03:44 2025-07-29 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 29: The Euro Takes a Hit to Its Ambitions

On Monday, the EUR/USD currency pair was engaged in just one activity — it was falling. Over the past six months, we haven't seen many crashes in the euro

Paolo Greco 03:44 2025-07-29 UTC+2

How to Trade the GBP/USD Pair on July 28? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD On Friday, the GBP/USD pair continued its decline, which began on Thursday. First, we would like to point out that the fall

Paolo Greco 07:25 2025-07-28 UTC+2

How to Trade the EUR/USD Pair on July 28? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair traded with minimal decline. By the end of the day, the euro had settled below

Paolo Greco 06:18 2025-07-28 UTC+2

Trading Recommendations and Trade Breakdown for GBP/USD on July 28: The Pound Plunged Sharply but Hasn't Lost Its Momentum

On Friday, the GBP/USD currency pair was trading in a downtrend. The price easily broke through the Senkou Span B and Kijun-sen lines, as well as worked through the 1.3420

Paolo Greco 03:48 2025-07-28 UTC+2

Trading Recommendations and Trade Breakdown for EUR/USD on July 28: The Ideal, Strong Euro

On Friday, the EUR/USD currency pair once again traded with low volatility but demonstrated nearly perfect technical behavior. There was little news during the day, with the only noteworthy report

Paolo Greco 03:48 2025-07-28 UTC+2

How to Trade the GBP/USD Pair on July 25? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair exhibited a relatively strong decline, triggered by weak business activity indices in the UK. However, this explanation

Paolo Greco 06:43 2025-07-25 UTC+2

How to Trade the EUR/USD Pair on July 25? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair showed no significant movements on Thursday and remained in low volatility, despite it being the most eventful

Paolo Greco 06:43 2025-07-25 UTC+2
Can't speak right now?
Ask your question in the chat.
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.

We are sorry for any inconvenience caused by this message.