Technical analysis of EUR/USD for August 20, 2018
As we expected, according to our previous analysis, EUR/USD has bounced towards 1.1450 on Friday. EUR/USD is back testing the previous support area at 1.15 which is now resistance. A rejection at current levels will increase the chances of a move to new 2018 lows towards 1.11-1.12.
Blue line – medium-term resistance
Red line – short-term resistance
EUR/USD is trading below both the tenkan- and kijun-sen indicators. Trend remains bearish in the Daily chart. Resistance is at 1.1470 and next at 1.15. Support is at 1.1380-1.1390. As long as the price is below 1.15-1.16, I will remain bearish.