14.08.201702:31 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 14, 2017

Overview:

• The EUR/USD pair faced strong support at the level of 1.1801 because resistance became support last week. So, the strong resistance has been already faced at the level of 1.1801 and the pair is likely to try to approach it in order to test it again. The level of 1.1801 represents a weekly pivot point for that it is acting as minor support this week. Furthermore, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.1801. Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.1722 and 1.1801. Also, it should be noticed that the double top is set at 1.1901. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. Therefore, buy orders are recommended above 1.1722/1.1801 with the first target at the level of 1.1801. If the trend breaks the weekly pivot at the level of 1.1801, then the market will continue rising towards the weekly resistance 1 at 1.1880. However, the stop loss should be placed below the level of 1.1693.