Technical analysis for the EURUSD on 29.07.2015

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Having breached the descending trend line at 1.1060, the price paused at 1.1130 resistance, where from we now observe a pullback down.The main correction target is found at the lower border of the ascending channel – level 1.1025. The test of this mark is likely to take place at 21.00, amid the release of the FOMC interest rate decision.

The uptrend will continue if bulls manage to renew the current week’s high at 1.1130. The next growth targets in this case will be situated at 1.1215, 1.1275.Alternative scenario: to turn the uptrend down, bears will have to break and hold below 1.1015 support.





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