09.08.202222:53 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 09, 2022

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Overview :

The EUR/USD pair will continue to rise from the level of 1.0188 in the long term. It should be noted that the support is established at the level of 1.0188 which represents the daily pivot point on the H1 chart.

All elements being clearly bullish, it would be possible for traders to trade only long positions on the EUR/USD pair as long as the price remains well above the golden ratio of 1.0188. The buyers' bullish objective is set at 1.0256.

The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.0188.

So, buy above the level of 1.0188 with the first target at 1.0256 in order to test the daily resistance 1. The level of 1.0256 is a good place to take profits.

Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours.

A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at1.0256. If there is any crossing, the next objective would be the resistance located at 1.0294.

If the trend is able to break the level of 1.0256, then the market will call for a strong bullish market towards the objective of 1.0294 today.

Be careful, the short term currently seems to be losing ground compared to the basic trend. Longer time units should be analysed to identify possible overbought items that could be a sign of a possible short-term correction. Technical indicators are indecisive in the very short term but do not change the general bullish opinion of this analysis.

On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.0188, a further decline to 1.0123 can occur. It would indicate a bearish market. At the same time, the breakup of 1.0299will allow the pair to go further up to the levels of 1.0294 in order to retest the double top again.

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