FX.co ★ Technical analysis of EUR/USD for July 30, 2014

Technical outlook and chart setups:

1. The EUR/USD pair is moving towards its lower end initial targets of 1.33 and 1.32 at the moment. Intraday pullback/rallies are possible towards 1.3510/20 before the lower ends are met. Recommendations are to initiate short positions around 1.3510/20 levels.

2. Support is seen at 1.3380, followed by 1.33 and lower while resistance is seen at 1.3510/20, followed by 1.3580/1.3600 and higher respectively.

3. The structure indicates that EUR/USD has resumed its long-term down trend and rallies should be sold into.

Trading recommendations:

Selling rallies into 1.3510/20 is preferable.

Good luck!