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22.08.201808:54 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 22, 2018

Long-term review
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EUR/USD has bounced back above the previous support current resistance area at 1.15. Price has reached the long-term downward sloping trend line resistance at 1.16 and the 61.8% Fibonacci retracement of the last leg down.

Exchange Rates 22.08.2018 analysis

Red line - support

Blue line - long-term trend line resistance

EUR/USD has reached a critical inflection point. The price is challenging the downward sloping trend line resistance that comes from 1.24. The price has also reached the 61.8% Fibonacci retracement from the 1.1790 area decline. If the bearish trend is to continue, the prices should reverse lower from current levels. If the medium and longer-term trends are about to change to bullish, we should see a continuation of this upward movement.

Alexandros Yfantis
Analytical expert of InstaForex
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