07.08.201913:26 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 07, 2019

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.

Overview:

The bearish market of the EUR/USD pair turns to bullish market from the 50% of Fibonacci retracement levels (1.1139) towards the pivot point (1.1180). So, TheEUR/USD pair continues to move upwards from the level of 1.1139. Today, the first support level is currently seen at 1.1139, the price is moving in a bullish channel now. The trend is still above the 100 EMA for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. The market is still in an uptrend. We still prefer the bullish scenario from the spot of 1.1139.

As the chart shows below, since the trend is above the 50% Fibonacci retracement on the H1 chart, the market is still in an uptrend. Strong support will be formed at the level of 1.1139 providing a clear signal to buy with the targets seen at 1.1251. If the trend breaks the double top at 1.1251 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 1.1305 in order to test the daily resistance 2. At the same time frame, resistance is seen at the levels of 1.1251 and 1.1251. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 1.1138 (below the support 1).

The daily standard pivot

Resistance 3 : 1.1356
Resistance 2 : 1.1305
Resistance 1 : 1.1251
Pivot point : 1.1180
Support 1 : 1.1138
Support 2 : 1.1079
Support 3 : 1.1027

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.