EUR/USD forecast for the week of July 11, 2016, Technical Analysis

The EUR/USD pair went back and forth during the course of the week, ultimately settling on a red candle. We did test the previous uptrend line and found resistance, so at that point I suspect that the market will continue to fall given enough time. It might be more of a grind than anything else, so it’s probably easier to short this market off of daily charts or even lower time frames. If we did get a break and a move above the uptrend line, at that point in time I could possibly think about going long. Until then, it’s “sell only.”