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    Technical analysis of EUR/USD for July 16, 2015

    1437040133_EURUSDH1.png

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    Overview:

    • The EUR/USD pair is still heading towargs the area between the levels 1.0977 and 1.0796. Subsequently, it should be noted that the daily pivot point will set at the level of 1.0900. Right now, the pair is trading around the level of 1.09000. Moreover, the daily pivot point has already formed a psychological level in this area. Therefore, sell at the levels of 1.0977 (the weekly resistance one) and 1.0900 with the first target at 1.0835. Later, the pair will call for an uptrend in order to continue its bearish movement towards 1.0796 to form a new double top in the H1 chart even in spite of the fact that the stop loss should be placed at the level of 1.0977.
    • However, if the trend fails to close below the level of 1.0900, it will be a good sign to buy at this level in the short term with a target at 1.0952, then it is going to continue towards 1.0966 (the level of 1.0966 is representing the ratio of 61.8% Fibonacci retracement levels).
  • However, if the trend fails to close below the level of 1.0900, it will be a good sign to buy at this level in the short term with a target at 1.0952, then it is going to continue towards 1.0966 (the level of 1.0966 is representing the ratio of 61.8% Fibonacci retracement levels).

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