Technical analysis of EUR/USD for July 30, 2015

The EUR/USD is moving clearly downwards towards lower lows and
lower highs. A weekly high of 1.1127 was rejected. At the same time, 50% Fibonacci was applied to a high hit on June 18 and a low hit on July 21.

The uptrend trendline has been broken. Currently, the pair is
trading in the supply area again where bears could start moving to order add to their short positions. This could be a medium to long-term trend down and
therefore it could be reasonable to fix down the sort trade as EUR/USD
moves lower.

Consider selling EUR/USD on the breakout at today’s low
of 1.0939, targeting S2 (1.0807), S3 (1.0610), or S4
(1.0290). The stop loss should be placed just above R2 (1.1120)

Support: 1.9556, 1.0807, 1.0610, 1.0289

Resistance: 1.1047, 1.1121


The material has been provided by InstaForex Company –