Recently euro weakened against all its pairs on account of contraction in GDP to 0.4% from 0.7% and fall in inflation to 1.2% from 1.3% and cautious tone from ECB President about quantitative easing. Recently inflation has shown uptick in euro zone. Inflation in June has shown rise to 2% year on year from previous months 1.9%. Trade surplus has risen over previous month. Greenback has strengthened on account of rising GDP and reduced global risk.
TECHNICAL TOOLS: BOLLINGER BANDS, ICHIMOKU CLOUD, TVS, RSI.
CHARTS: WEEKLY AND MONTHLY
BOLLINGER BANDS: EUR/USD is in downtrend after it has reached its higher levels.
ICHIMOKU CLOUD: EUR/USD is in downtrend.
RSI: It is rising from lower levels.
TVS: Volumes in negative.
WEEKLY CHART: It is falling from higher levels after consolidating for 6-7 weeks. And reached its lower support of Bollinger Band. It is consolidating in lower range.
Two trend lines shows support in this range and I can say that it has high probability to rise from here.
EUR/USD has touched its support and has seen a 200 pips rise from low levels I expect some more consolidation and after that it can reverse its downtrend.