Source: PaxForex Premium Analytics Portal, Technical Insight

The dollar continued its decline in European trading on Monday under the influence of doubts about the strength of the U.S. economic recovery and in anticipation of the Federal Reserve meeting on July 28-29

EUR/USD, 30 min

Pivot: 1.1733

Analysis:

Provided that the currency pair is traded below 1.1780, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.1733
• Take Profit 1: 1.1705
• Take Profit 2: 1.1680

Alternative scenario: 

In case of breakout of the level 1.1780, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.1780
• Take Profit 1: 1.1810
• Take Profit 2: 1.1845

Comment:

RSI is bearish and indicates a further decrease.

Key levels:

EUR/USD, D1

Pivot: 1.1626

Analysis:

While the price is above 1.1380, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.1626
• Take Profit 1: 1.1800
• Take Profit 2: 1.1950

Alternative scenario:

If the level 1.1380 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 1.1380
• Take Profit 1: 1.1250
• Take Profit 2: 1.1170

Comment:

RSI shows the possibility of an uptrend in a medium term.

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

USD/CAD – buy above 1.3335 with 1.3380 and 1.3400 targets as Take Profit. Alternative scenario - if the level 1.3335 is broken-down, sell with the TP 1.3320 and 1.3300.
GBP/USD - short positions below 1.2900 with 1.2830 and 1.2805 targets as Take Profit. Alternative scenario - if the level of 1.2900 is broken-out, buy with the targets 1.2930 and 1.2955 as Take Profit.
AUD/USD – sell below 0.7175 with 0.7115 and 0.7100 as Take Profit targets. Alternative scenario - if the level of 0.7175 is broken-out you should consider buying with the targets 0.7200 and 0.7220 as Take Profit.