05.08.201914:45 Forex Analysis & Reviews: EUR/USD for August 05,2019 - New momentum up on the oscillators

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EUR did trade upwards, exactly what I expected last week. My upward targets ser met at the price of 1.1135-1.1150. Anyway, there is a strong momentum up and bullish divergence on different oscillator, which is sign for potential more upside to come.

Technical picture:

Daily view:

Based on the daily time-frame, I found that there was a fake breakout of the 2-year low 1.1040 and strong reaction from buyers, which is sign of aggressive activity. EUR did back into the 20 EMA and there should be critical decision point. Important resistance is set at the price of 1.1200 and if you see potential break of resistance, EUR may even trade higher into 1.1280 areas.

Both MACD and Stochastic oscillators are showing bullish divergence, which adds more strength on the EUR.

4H time-frame view:

Based on the 4H time-frame, I found new momentum up on the MACD oscillator, which is sign of the underlying bullish pressure. EUR is testing the upper Bollinger band and in case of the potential close of the candle above the upper band, it will represent more upside continuation. Watch for breakout of the 1.1200 to confirm further upside.

Trading recommendation:

Pay attention on the 1.1200 level and watch for potential breakout to confirm further upward continuation. Breakout of the 1.1200 level may lead us to 1.1280.

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