EUR/USD short-term technical levels and trading recommendations for August 29, 2018
The EUR/USD pair has been trending-up for the past few days. This bullish movement has been demonstrated within the depicted bullish linear regression channels.
By the end of yesterday’s consolidation, lack of enough bullish momentum was demonstrated on the chart. The EUR/USD pair failed to maintain enough bullish momentum to keep going within the depicted channels.
Instead, a bearish breakout was executed during early hours of today’s consolidations. This turns the short-term outlook into bearish as long as the pair keeps trading below 1.1700.
Intraday bearish target would be located around 1.1600.
Conservative traders should wait for a deeper bullish pullback towards 1.1700 (backside of the broken channels) for a low-risk SELL entry. S/L would be placed above 1.1740. T/P levels should be placed around 1.1600.