EURUSD – Monthly Technical Analysis – July 2013


The EURUSD continued to maintain its bearish momentum last month, topped at 1.3415 and bottomed at 1.2955, now pressure will be on the key support 1.2955, the EURUSD will have to hold, below the 1.2955 levels on a monthly closing basis, to push the market for further downside losses, If seen, it will target the 1.2661 levels where a breach will turn the focus on the 1.2500 levels, recovery may be seen around 1.2500 levels, but losing 1.2500 on a monthly closing basis will pave the way towards the 1.2000 levels.

Alternatively, a failure to hold below the 1.2955 levels, could mean a return to the 1.3415 levels, If seen you may short after rejection from 1.3415 on weekly, but If 1.3415 is taken out on a monthly closing basis, this scenario will put 1.3710 in big risk.

In all, as long as 1.3415/1.3710 levels hold on a monthly closing basis, the pair will remain biased to the downside with risk towards 1.2500 ahead of 1.2000 levels.




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