09.07.201218:23 Forex Analysis & Reviews: Technical analysis of EUR/USD for July 30, 2015

Long-term review

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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

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