Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Technical analysis of EUR/USD for August 16, 2018

August 16, 2018 Analytics

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The EUR/USD pair is showing reversal signs. Trend remains bearish on a daily basis but there are signs of a possible short-term bounce. Yesterday’s candle was a bullish hammer. I expect a bounce towards the previous support which is now resistance at 1.15. The most likely scenario will be a rejection and a bearish reversal to new lows.

analytics5b7520e555273.png

Blue line – medium-term resistance

Red line – short-term resistance

Green lines – expect price path

EUR/USD has short-term resistance at 1.1465 and next at 1.15 Medium-term trend line resistance is found at 1.1550-1.1570. As long as we are below that area, I remain bearish looking for a new lower low. Support is at 1.1335. A break below this level will open the way for a move below 1.13.

The material has been provided by InstaForex Company – www.instaforex.com

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