For Traders

Analytical Reviews

Technical analysis

22.08.201914:54 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 22, 2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:

The EUR/USD pair in the H4 chart.

US Dollar is the strongest nowadays, while the Euro is the weakest.

The EUR/USD pair faced resistance at the level of 1.1166, while minor resistance is seen at 1.1112.

The EUR/USD pair is still moving around the key level at 1.1112 , which represents a daily pivot in the H4 time frame at the moment.

The RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100 and 50.

Note that the EUR/USD pair traded below a broken trend line and swing zone at 1.1112-1.1166.

The current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.1166, the market will indicate a bearish opportunity below the strong resistance level of 1.1166.

Since there is nothing new in this market, it is not bearish yet.

Sell deals are recommended below the level of 1.1166 with the first target at 1.1027.

If the trend breaks the support level of 1.1027, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.0956 in order to test the daily support 2 (horizontal blue line).

Stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last top at 1.1253.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.