FX.co ★ Technical Analysis of EUR/USD for July 16, 2014

EUR/USD

Zew investor sentiment index falls for the seventh consecutive month. German investor confidence fell by 2.7 points to 27.1. The pair drifted to the three week low and hit the previous support at 1.3575 levels. Now, the support has turned into the resistance level. The weekly momentum oscillators are indicating a bearish bias.

Intraweek resistance - 1.3575 1.3620 1.3640

Monthly resistance - 1.37

Intraweek support- 1.3540 1.3525 1.35

Monthly support- 1.34

For an intraday basis, the pair is holding above 1.3562 (16-hr low) and the nearest resistance is at 1.3576 above this, 1.3594, 1.36 and 1.3615 levels. Until the pair trades below 1.3615, the bears will take the pair towards 1.3540, 1.3525, and 1.35 levels.