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EURUSD Technical Overview and The Key Levels Aug 8th

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

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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