Technical analysis on EURUSD for August 9th, 2023.
August 9, 2023 3:24 pm
Red line- support trend line
EURUSD is trading around 1.0985 after making a higher low yesterday at 1.0928 right on top of the red upward sloping support trend line. As long as price is above this trend line and above 1.0920, we remain optimistic and expect price to bounce higher. The RSI has not reached oversold levels yet, but this is not necessary for a turn around. In the medium-term, trend remains bullish. Breaking below the red trend line will be the first medium-term warning sign of a reversal. Short-term resistance is found at 1.1150. If bulls manage to recapture 1.1150 then we should expect new higher highs for 2023.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- support trend line
EURUSD is trading around 1.0985 after making a higher low yesterday at 1.0928 right on top of the red upward sloping support trend line. As long as price is above this trend line and above 1.0920, we remain optimistic and expect price to bounce higher. The RSI has not reached oversold levels yet, but this is not necessary for a turn around. In the medium-term, trend remains bullish. Breaking below the red trend line will be the first medium-term warning sign of a reversal. Short-term resistance is found at 1.1150. If bulls manage to recapture 1.1150 then we should expect new higher highs for 2023.
The material has been provided by InstaForex Company – www.instaforex.com
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