Technical Analysis of EUR/USD for August 8, 2023
August 8, 2023 8:26 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Technical Market Outlook:
The EUR/USD pair has broken above the technical resistance seen at the level of 1.0961 and made the new local high at the level of 1.1043. Nevertheless, the bounce was terminated and the market has returned back below 50 MA, but the bulls still trying to resume the up move and they are getting closer to the trend line resistance. The intraday technical support is seen at the level of 1.0961. This technical support level looks very weak, so if it is broken, the market will drop towards the swing low located at the level of 1.0913. Only a strong reversal and a breakout above the intraday supply zone (1.1028 – 1043) would change the short-term bearish outlook. Reversal confirmation comes with the level of 1.1150 breakout. Please keep an eye on the momentum on the H4 time frame chart as it is hovering around the neutral level of 50 on the RSI (14).
Weekly Pivot Points:
WR3 – 1.10716
WR2 – 1.10306
WR1 – 1.10088
Weekly Pivot – 1.09896
WS1 – 1.09678
WS2 – 1.09486
WS3 – 1.09076
Trading Outlook:
Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might be terminated at the level of 1.1286 which is 61% Fibonacci retracement level when it is hit, so please keep an eye on this level and the way the market participants (bulls and bears) will deal with it.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: