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24.08.202316:08 Forex Analysis & Reviews: Technical analysis on EURUSD for August 24th, 2023.

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Exchange Rates 24.08.2023 analysis

Blue lines- Fibonacci retracement levels

green line-support trend line

EURUSD remains under pressure. For a 6th straight week, EURUSD is in negative territory making lower lows and lower highs. Price has now broken below the green upward sloping trend line supporting the trend since August of 2022. The break below the green support trend line is a bearish sign. This price action increases the chances that the entire upward move is completed. Our first pull back target is at the 38% Fibonacci retracement level at 1.0612. EURUSD remains vulnerable as long as price is below recent lower high at 1.0930.

Alexandros Yfantis
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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