Technical analysis on EURUSD for August 24th, 2023.
August 24, 2023 3:23 pm
Blue lines- Fibonacci retracement levels
green line-support trend line
EURUSD remains under pressure. For a 6th straight week, EURUSD is in negative territory making lower lows and lower highs. Price has now broken below the green upward sloping trend line supporting the trend since August of 2022. The break below the green support trend line is a bearish sign. This price action increases the chances that the entire upward move is completed. Our first pull back target is at the 38% Fibonacci retracement level at 1.0612. EURUSD remains vulnerable as long as price is below recent lower high at 1.0930.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels
green line-support trend line
EURUSD remains under pressure. For a 6th straight week, EURUSD is in negative territory making lower lows and lower highs. Price has now broken below the green upward sloping trend line supporting the trend since August of 2022. The break below the green support trend line is a bearish sign. This price action increases the chances that the entire upward move is completed. Our first pull back target is at the 38% Fibonacci retracement level at 1.0612. EURUSD remains vulnerable as long as price is below recent lower high at 1.0930.
The material has been provided by InstaForex Company – www.instaforex.com
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