• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

Eyes a Test of the Neckline Support Level

Forex Tips by Forex Tips
August 8, 2020
in Technical Analysis
0
Outlook for EUR/USD Negative Longer Term
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Euro vs US Dollar Technical Outlook

  • Neutral outlook while below 1.1828
  • EUR vs USD possibly develops a reversal pattern

Bullish Momentum Eased, But the Bias Higher Remained

Last week, EUR/USD hit an over two-year high of 1.1909 then retreated after, as some bulls seemed to cut back. Ultimately, a weekly candlestick closed in the green with a 1.0% gain.

Alongside that, the Relative Strength Index (RSI) remained in overbought territory emphasizing the strength of the bullish momentum.

EUR/USD DAILY PRICE CHART (Sep 1, 2018 – AUgust 7, 2020) Zoomed Out

EUR/USD Price Forecast: Eyes a Test of the Neckline Support Level

EUR Forecast

EUR Forecast

Recommended by Mahmoud Alkudsi

Download our fresh Q3 Euro Forecast

EUR/USD DAILY PRICE CHART (July 10 – August 7, 2020) Zoomed IN

EURUSD

On August 3, EUR/USD U-turned and traded higher highlighting that bullish momentum was still in place. In the same week, the price climbed back to the current 1.1828 – 1.1986 trading zone and printed a new multi-month high at 1.1916.

A daily close above the high end of the current trading zone could encourage bulls to extend the rally towards the monthly resistance level at 1.2154 ( March 2018 low).

On the other hand, a daily close below the low end of the zone reflects bull’s hesitation and may guide EURUSD’s fall towards the weekly support level at 1.1639 ( Aug 2018 high).

Traits of Successful Traders

Traits of Successful Traders

Recommended by Mahmoud Alkudsi

Traits of Successful Traders

EUR/USD Four-Hour PRICE CHART (July 10 – August 7, 2020)

EURUSD Four hour price chart

On Thursday, EUR/USD created the second top of a Double Top pattern. A violation of the neckline located at 1.1696 indicates a possible shift in favor bear’s control.

To conclude, while bulls still have the upper hand a break below the bullish trendline support originated from the July 10 low at 1.1254 indicates a weaker upward trend. Therefore, a break below 1.1763 could send the EURUSD towards 1.1698, while a break above the 1.2000 threshold may trigger a rally towards 1.2095. As such, the support and resistance levels marked on the four-hour chart should be kept in focus.

Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi





Source link

Share76Tweet47

Related Posts

USD Snaps Back- Are Bears Taking Control?

by Forex Tips
January 21, 2021
0

US Dollar Technical Price Outlook: DXY Near-term Trade LevelsUS Dollar technical trade level update – DXY Daily & Intraday...

Trend Remains Bullish with Potentially Bearish Twist

Trend Remains Bullish with Potentially Bearish Twist

by Forex Tips
January 21, 2021
0

DAX/CAC Technical Highlights:DAX trending higher, consolidating with one short-term bearish possibilityCAC chart similar to DAX, looking for corona gap-fill...

USD/CHF, NZD/CHF Eye Key Levels

Swiss Franc Technical Forecast: NZD/CHF, CAD/CHF Chart Setups

by Forex Tips
January 21, 2021
0

Swiss Franc Technical Forecast – Talking PointsSwiss Franc faces tough technical picture versus CAD and NZDNZD/CHF is preparing to...

USD/MXN Breakdown to Nine-month Lows

by Forex Tips
January 21, 2021
0

Mexican Peso Technical Price Outlook: USD/MXN Near-term Trade LevelsMexican Peso updated technical trade levels – Weekly & Daily ChartsUSD/MXN...

New Zealand Dollar Forecast: Bull Moves May Not Be Done Yet

by Forex Tips
January 21, 2021
0

New Zealand Dollar Forecast Overview:Despite losses over the past week, the New Zealand Dollar may soon be positioned to...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.