EUR/USD Technical Analysis: August 16, 2018
The single European currency slightly edged lower amid trading course on Wednesday, and move lower to the significant level 1.13. It is possible to gain a bit of rebound from that area. Also, some type of selling opportunity is expected to see on rallies and shorting this market will show signs of exhaustion. A lot of concerns remain towards Turkey’s contagion to the EU, which would likely be seen as there is a shortage of US currency around the world.
As expected, the euro was beaten recently which demonstrates occasional value play and look to pick up dips. Traders should wait for a shooting star pattern on the hourly chart and the level above the 1.15 region is the “ceiling” of the market. Moreover, a significant break on top of that zone may consider purchasing this market as shown in the daily chart.
A downward movement can be anticipated in the near future. Based on some technical analysts, the market may reach as low as 1.05 at the end of 2018. The next potential target is 1.13.
The single European currency slightly edged lower amid trading course on Wednesday, and move lower to the significant level 1.13. It is possible to gain a bit of rebound from that area. Also, some type of selling opportunity is expected to see on rallies and shorting this market will show signs of exhaustion. A lot of concerns remain towards Turkey’s contagion to the EU, which would likely be seen as there is a shortage of US currency around the world.
As expected, the euro was beaten recently which demonstrates occasional value play and look to pick up dips. Traders should wait for a shooting star pattern on the hourly chart and the level above the 1.15 region is the “ceiling” of the market. Moreover, a significant break on top of that zone may consider purchasing this market as shown in the daily chart.
A downward movement can be anticipated in the near future. Based on some technical analysts, the market may reach as low as 1.05 at the end of 2018. The next potential target is 1.13.