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08.08.202219:03 Forex Analysis & Reviews: Positive start for the week for EURUSD.

Exchange Rates 08.08.2022 analysis

Blue rectangles- support levels

Green line- horizontal support

Red arrows -rejections

EURUSD is trading around 1.02 after bouncing off the support area at 1.0144. Although bears have not shown any important bearish sign yet, bulls remain in danger and EURUSD vulnerable to a move towards parity once again. As long as price is below 1.0285 we remain EURUSD pessimistic. After the 3rd rejection at 1.0285 we continue to favor a move lower. Confirmation of this bearish scenario will come with a break below 1.0140-1.01 support area. In order for trend to change to bullish we need to see at least a break above recent high of 1.0253.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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