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EURUSD Forecast and Technical Analysis Aug 8th

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.

We will send the entry notification to our members.

 

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

EURUSD :Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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