Technical analysis of EUR/USD 07/20/2022

The EUR/USD currency pair is in an upward correction within a downtrend. At the moment the price is consolidating around 1.0250 (MA100) on the (4H) chart.

The technical picture suggests a continuation of the upward correction. The nearest target for the pair’s growth is around 1.0350 (upper line of the descending channel), (MA200) for the (4H) chart. In favor of the development of the upward movement is the convergence on the RSI indicator.

A signal to cancel the development of an upward correction will be a decrease in quotes below 0.9950, which will indicate the continuation and development of a downtrend.

EURUSD_STPH4

Created by Joshua Hayn

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