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21.08.201916:25 Forex Analysis & Reviews: EUR/USD for August 21,2019 - Watch for upward breakout of the 3-day balance

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Today's market is waiting for more information from FED on the FOMC meeting minutes. That is main reason why the EUR is trading sideways at the price of 1.1100 (round number).

Further development

Analyzing the current trading activity, we see that EUR is trading in the 3-day trading range and near the important resistance at the price of 1.1113, which is sign that there is potential for the breakout. Probably, investors awaiting for FOMC meeting minutes to pull the trigger.

Based on the available information, it is possible to decompose a number of variations, let's consider them:

- Positions for the purchase will be considered in the case of the breakout above the 1.1113 with targets at 1.1140 and 1.1160

- Positions for sale are considered only in case of the strong breakout of the balance low at 1.1064.

It is more likely that we will have an up breakout...

Indicator Analysis

MACD indicator is showing that there is decreasing on the downside momentum and that slow line is holding well, which is positive sign for further rally.

Stochastic oscillator is showing oversold condition and potential fresh up flip, which is another great indication for the potential rally.

Bollinger band – There is potential for re-test of the middle Bollinger average

Weekly pivot levels:

Symbol	S3	S2	S1	P	R1	R2	R3
EURUSD	1.08	1.0965	1.1028	1.1129	1.1192	1.1294	1.1458

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