24.08.201807:29 Forex Analysis & Reviews: Trading plan for 24/08/2018

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.

On Friday, the 24th of August, the event calendar is light in important data releases. Overnight, the National CPI data from Japan were released and it missed the expectations (0.9% vs. 1.0% expected). The market participants are waiting for German 2 quarter GDP release and Durable Goods Orders from the US. There is a speech scheduled from Federal Reserve Chairman Jerome Powell at the end of the day.

EUR/USD analysis for 24/08/2018:

The White House administration has published a statement regarding trade with China. According to the US, governments around the world are beginning to realize the fact that the Chinese do not strive for partnership on the level of trade with other countries, but only their dominance.

The United States will continue to oppose China on unequal terms of trade. The statement appeared by surprise. Earlier, people talked about calming the tension between countries. China stated that they had a constructive conversation about trade with the US. The White House also confirmed the progress in conducting negotiations.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market has bounced a little from the technical support at the level of 1.1529, but it is worth to notice, that trading is still being made in overbought market conditions. The nearest technical resistance is seen at the level of 1.1627 and any violation of this level would lead to another spike towards the level of 1.1746. On the other hand, the technical supports are seen at the levels of 1.1506, 1.1480 and 1.1445.

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.