19.08.202408:58 Forex Analysis & Reviews: Hot forecast for EUR/USD on August 19, 2024

Relevance up to 00:00 2024-08-20 UTC--4

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The EUR/USD pair ended the past week with a relatively rapid rise. This movement again indicates strong enthusiasm among traders for long positions in the euro.

In the 4-hour chart, the RSI technical indicator is moving in the upper range of 50/70, which suggests an increase in long positions.

Regarding the Alligator indicator in the same time frame, the moving average lines point upwards.

Expectations and Prospects

Stabilization of the price above 1.1050 is necessary to strengthen the current uptrend. In this scenario, moving to the local high of 2023 is possible. Otherwise, the movement within the 1.0950/1.1050 range will likely continue for some time.

The complex indicator analysis suggests an uptrend cycle in the short-term and intraday periods.

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