FXstreet.com (Barcelona) - The Euro continues showing weakness on hourly charts and, after its attempt to pick up capped right below 1.4200, the Euro dropped back to 1.4120/30 support area which is coming under pressure at the moment of writing.
According to Ian G Coleman, collaborator at FXstreet.com, the bearish approach to the pair is favoured: "With the double top (nearly) and spikes on the daily chart. We have a descending trend line on the 4 hr chart with an impulse day lower yesterday. (First target should be the triangle line at 1.4080) We are holding onto the 20 SMA on the 1 hr chart. Stop above 1.4200.
In case of dipping below 1.4120 level, the Euro could find support at 1.4090 and 1.4070 (Jul 9 high). On the upside, resistance levels remain at 1.4190/00 intra-day high , and above here, 1.4220 and 1.4260.
EUR/USD (Jul 29 at 10:35 GMT)
H 1.4195 L 1.4107
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.4076 | 1.4112 | 1.4147 | 1.4168 | 1.4203 | 1.4239 |
| [?]Trend Index | [?]OB/OS Index |
| Neutral | Neutral |
| Data updated on Jul 29 at 10:25 (15-minute timeframe) |
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