EUR/USD Analysis (July 28)

The market has drawn a reversal candle yesterday which might signify the end of the bullish trend at least over the short term. It is worth noting that the EUR/USD is well capped by a daily descending trendline which is being tested for the 4th time since the beginning of May. We might a new lower top for a possible bearish resumption.
A clear break below 1,4330 (confluence of 50 and 100 moving averages) would spark further weakness on the pair.
We might also see some consolidation going forward but in any case, we don’t recomment to take a long position given the technical setup.