08.08.202417:29 Forex Analysis & Reviews: Trading Signals for EUR/USD for August 8-10, 2024: sell below 1,0925 (21 SMA - 7/8 Murray)

Relevance up to 11:00 2024-08-22 UTC--4

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EUR/USD is trading around 1.0906 below the symmetrical triangle pattern which was broken and bouncing above the 200 EMA.

Since August 6th, the euro has been consolidating around 1.0930. Today, after the US unemployment claims, the euro fell sharply. We believe that if EUR/USD continues its slide, it could reach 5/8 Murray located at 1.0803.

Only a consolidation above 1.0935-1.0940 would invalidate our negative outlook and the instrument could rebound to 8/8 Murray at 1.0986 and even the psychological level of 1.10.

Given that the eagle indicator is showing a negative signal, we could look for opportunities to sell below 1.0925 (21 SMA) with targets at 1.0864 and 1.0803 (5/8 Murray).

According to the market sentiment report, 62.33% of traders are holding short contracts on EUR/USD. This information could be viewed as an opportunity to sell below 1.0925. Alternatively, we can buy in case there is a bounce around 1.0864. However, EUR/USD could resume its bullish cycle if it settles above 1.0935.

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