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Technical analysis. What is next for EURUSD?

EURUSD Tech analysis by Simon Kazinsky on 04:28 July 30, 2015 EST

EURUSD is still consolidating after its multi month drop from 1.40 to almost parity.

The pair is below most of its relevant moving averages and the long term outlook remains unless it revisits the 1.20 mark.

In the medium term more declines are expected but to add to shorts with confidence EURUSD must break below 1.08. Any attempt to rise will likely find resistance in the 1.15 region. Above, 1.19 and 1.20 are other levels of interest.

In all, the trend is still clearly down and there are no sufficient reasons to consider a bottom is in place.