25/July is the day when the ECB releases interest rate decision, it will probably dip the price to 1.1100 which is the 3rd weekly support and a key fibo extension. The move will cause a pullback to the previous fibo extension and have it rather flat tomorrow.
Next week, the price could either extend the pullback or move back down and cross this week low.
It feels that the dollar is losing steam and the three drives pattern could push the price back into the 1.15x area.
Long, entry 1.1320-1.1370, TP1: 1.1405, TP2: 1.1470, TP3: 1.1520
Short (high risk), entry 1.1400-1.1420, TP: 1.1378
I added some key trendlines I believe have to be considered while trading the pair. I cannot state for certain where will the price move, but if it crosses the orange dashed line on the way up and then makes a U-turn, it might be a strong signal to sell.
The promise for a greater America than before might be broken this year. The EURUSD pair has developed an uptrend channel on the 4h/daily chart and might be developing a cup and handle pattern on the weekly chart. Trading switched once again to easy mode with clear entries for either shorts or longs.
The pair has been in a downtrend for the past 8 months. The trip start and endpoint is a 1250 pips long segment and it's not certain yet if it is to stay like this. There have been plenty of times to break this downwards move but the tide did not loose steam. It is perhaps now when the price stands at a crossroad and thus our chance to monitor that closely.
The ascent is very steep, so I used a 2h chart to lay down the possible limits of the uptrend channel. The MAs on the 1h/4h chart are bullish, but a possible bearish harmonic pattern on the 4h chart has to be cleared out. You can use the chart as a guide to day trading.