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 22, 2018

August 22, 2018 Analytics

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EUR/USD has bounced back above the previous support current resistance area at 1.15. Price has reached the long-term downward sloping trend line resistance at 1.16 and the 61.8% Fibonacci retracement of the last leg down.

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Red line – support

Blue line – long-term trend line resistance

EUR/USD has reached a critical inflection point. The price is challenging the downward sloping trend line resistance that comes from 1.24. The price has also reached the 61.8% Fibonacci retracement from the 1.1790 area decline. If the bearish trend is to continue, the prices should reverse lower from current levels. If the medium and longer-term trends are about to change to bullish, we should see a continuation of this upward movement.

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

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