AtlantisFX | From a technical point of view, the EURUSD's downtrend has stopped after a collapse of $ 1,11111, followed by a positive return on the euro/dollar rate in the upside channel. As of June 24th, the uptrend channel ceiling was in the form of resistance, which resulted in a downside and correction of the market. In the report on Wednesday (July 12th), the EURUSD was moving to the bottom of the ascending channel. The pair continued to push through the canal to the bottom of the channel and then managed to break this level and fall to 1,200 near the Rand rate.
Since the pair is below the bottom of the uplink channel and moving average of 200, 50, and 20, we can say that the recent downward spiral of the market is still ongoing. But the downside of the market is fast and EURUSD has risen by averages, which means that the market is likely to return to the short term average of 20 (yellow line) and a slight resistance of $ 1,125. Traders looking for a EURUSD sale are better off waiting for the market to hit resistance levels or failures of $ 1,100 and then enter the market.