For Traders

Analytical Reviews

Technical analysis

16.08.201809:07 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 16, 2018

Long-term review

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.

The EUR/USD pair is showing reversal signs. Trend remains bearish on a daily basis but there are signs of a possible short-term bounce. Yesterday's candle was a bullish hammer. I expect a bounce towards the previous support which is now resistance at 1.15. The most likely scenario will be a rejection and a bearish reversal to new lows.

Blue line - medium-term resistance

Red line - short-term resistance

Green lines - expect price path

EUR/USD has short-term resistance at 1.1465 and next at 1.15 Medium-term trend line resistance is found at 1.1550-1.1570. As long as we are below that area, I remain bearish looking for a new lower low. Support is at 1.1335. A break below this level will open the way for a move below 1.13.

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.