Technical analysis of EUR/USD for August 22, 2018
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.
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.