07.08.201807:46 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 07, 2018

Long-term review

Exchange Rates 07.08.2018 analysis


The EUR/USD pair continues to move downwards from the level of 1.1639. Last week, the pair dropped from the level of 1.1639 (this level of 1.1639 coincides with the ratio of 32.8% Fibonacci) to the bottom around 1.1549.

Today, the first resistance level is seen at 1.1589 (the weekly pivot point) followed by 1.1639, while daily support 1 is found at 1.1508.

Also, the level of 1.1589 represents a weekly pivot point, for that it is acting as minor resistance this week.

Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.1589 towards the first support level at 1.1508 in order to test it.

If the pair succeeds to pass through the level of 1.1508, the market will indicate a bearish opportunity below the level of 1.1508 with the next traget at 1.1460 in the coming hours.

However, if a breakout happens at the resistance level of 1.1639, this scenario may be invalidated.


Mourad El Keddani,
InstaForex集团 © 2007-2021

InstaForex分析评论将让您充分了解市场趋势! 作为InstaForex的客户,您将获得大量的免费服务以实现有效的交易。

提出您的问题,用 在线帮助.