EUR/USD Update – 31/07/2017 (11:54am) – by Arjun Lakhanpal

EUR/USD Update – 31/07/2017 (11:54am): EUR on the charts.. The bigger uptrend remains perfectly intact, but having reached the next line of key-resistance between 1.1736 and 1.1795 (int. 38.2 %/0.5 % filter) we see an increased risk for a setback towards 1.1316/1.1287 (minor 38.2 %). This risk would however only start materializing via a break below 1.1613 (last intra-day low) whereas above the latter, a straight extension towards the 2010 and 2012 lows at 1.1876 and at 1.2042 and maybe even to 1.2177 (38.2 % on highest scale) appears to be likely. Only a break above 1.2329 (2008 low) would confirm a long-term reversal.