EURUSD Technical Overview And The Key Levels Aug 8th
Current Price: 1.12080
Fundamentals: No major data release. The U.S. Jobless Claims will be released.
Weekly Chart: Bearish. The price is below all main Moving Averages.
Daily Chart: Bearish. The price is below all main Moving Averages. Testing EMA50 resistance at 1.12100.
H4 Chart: Neutral. Below SMA200. Above EMA50 and SMA100.
Intraday Key Levels:
Upside: 1.12300 1.12600 1.12900
Downside: 1.12000 1.11700 1.11400
Chart Patterns: ABCD completed at 1.12450. The pair made the double top at 1.12500. We see an ascending triangle on the smaller charts.
Our Comments: RSI signals bearish divergence on H4 Chart. SMA200 is the key resistance at 1.124000. We need to see a firm closing above SMA200 to talk about a bullish continuation. On the downside 1.11690 SMA100 and EMA50 confluence. The price must close below 1.11650 to gain a bearish strength.
Trade Opportunities: Break below 1.12000 can be used as a selling opportunity. ( Triangle Breakout )
We will update as soon as we get a clean intraday trade opportunity.
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
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