Technical analysis of EUR/USD for July 31, 2015

Yesterday, EUR/USD has been trading in the supply area and then managed to move lower breaking the S1 (1.0956).
This could be treated as a confirmation that pair is ready to continue moving
lower.

After the support breakout, today EUR/USD has retraced slightly
back the S1 support and it seems it is being rejected. Consider selling EUR/USD
today or at the beginning of the next week, while it is near S1 targeting
either S2 (1.0807), S3 (1.0610) or the final support S4 (1.0290). Only a daily closure above
R2 (1.1121) would most definitely change the direction of the trend.

Support: 1.0807, 1.0610, 1.02289

Resistance: 1.0956, 1.1047, 1.1121

eurusd-h4-instaforex-group-3.png

The material has been provided by InstaForex Company – www.instaforex.com

Tags: