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22.08.201612:24 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 22, 2016

Long-term review

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Overview:

The EUR/USD pair:
The price spot of 1.1326 - 1.1362 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below the level of 1.1326 - 1.1362. So, the resistance levels are seen at 1.1326 and 1.1362. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 1.1362 (first resistance). Therefore, sell below 1.1326 with the first target at the 1.1250 level. ALso, it should be noted that the daily pivot point is seen at the price of 1.1250. Additionally, if the EUR/USD pair is able to break out the pivot at 1.1250, the market will decline further to 1.1182 in order to test the weekly support 2. However, the stop loss should be located above the level of 1.1362.

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