EURUSD Forecast and Technical Analysis Aug 8th
EURUSD moved above 1.16000 and challenging the break above 1.16200 resistance.
After the wedge breakdown on Thursday, the pair could not break below the 1.15100 support. EURUSD entered into the wedge.
The latest upwards move seen during the Asian hours could be associated with the broad-based USD selling, likely triggered by a corrective rally in the Chinese Yuan.
We do not have any important macroeconomic data on EU and US side.
1.16270 is the critical resistance and if the CNY continues to gain weight, we may see the pair testing 1.16650.
The main trend is still bearish and we will look for a short opportunity.
It would be wise to wait for London’s opening. If the pair breaks above 1.16270, we will look for a short opportunity at 1.16690 based on Bearish Butterfly Harmonic Pattern.
Conclusion: The main midterm resistance is at 1.17500 and pullbacks are selling opportunities as long as the price holds below 1.17500.
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