empty
 
 
29.08.2018 12:01 PM
EUR/USD short-term technical levels and trading recommendations for August 29, 2018

This image is no longer relevant

The EUR/USD pair has been trending-up for the past few days. This bullish movement has been demonstrated within the depicted bullish linear regression channels.

By the end of yesterday's consolidation, lack of enough bullish momentum was demonstrated on the chart. The EUR/USD pair failed to maintain enough bullish momentum to keep going within the depicted channels.

Instead, a bearish breakout was executed during early hours of today's consolidations. This turns the short-term outlook into bearish as long as the pair keeps trading below 1.1700.

Intraday bearish target would be located around 1.1600.

Conservative traders should wait for a deeper bullish pullback towards 1.1700 (backside of the broken channels) for a low-risk SELL entry. S/L would be placed above 1.1740. T/P levels should be placed around 1.1600.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback