My Analysis of EURUSD during the week of 13/08/2023
EURUSD
TRENDS
Short term: STRONGLY BEARISH
Underlying: SLIGHTLY BULLISH
MY OPINION
BEARISH UNDER 1.1069 USD
MY TARGETS
1.0856 USD (-0.0091)
1.0638 USD (-0.0309)
MY ANALYSIS
The strong short-term decline in EUR/USD calls into question the currently slightly bullish basic trend. A trend reversal is likely. As long as the price remains below the resistance located at 1.1069 USD, one could consider taking advantage of the short-term movement. The first bearish objective is located at 1.0856 USD. The bearish momentum would be revived by a break in this support. Sellers would then use the next support located at 1.0638 USD as an objective. Crossing it would then enable sellers to target 1.0547 USD. Be careful, a return to above 1.1069 USD could jeopardize the reversal.
n the very short term, the general bearish sentiment is confirmed by technical indicators. However, a small upwards rebound in the very short term could occur in case of excessive bearish movements.
TRENDS
Short term: STRONGLY BEARISH
Underlying: SLIGHTLY BULLISH
MY OPINION
BEARISH UNDER 1.1069 USD
MY TARGETS
1.0856 USD (-0.0091)
1.0638 USD (-0.0309)
MY ANALYSIS
The strong short-term decline in EUR/USD calls into question the currently slightly bullish basic trend. A trend reversal is likely. As long as the price remains below the resistance located at 1.1069 USD, one could consider taking advantage of the short-term movement. The first bearish objective is located at 1.0856 USD. The bearish momentum would be revived by a break in this support. Sellers would then use the next support located at 1.0638 USD as an objective. Crossing it would then enable sellers to target 1.0547 USD. Be careful, a return to above 1.1069 USD could jeopardize the reversal.
n the very short term, the general bearish sentiment is confirmed by technical indicators. However, a small upwards rebound in the very short term could occur in case of excessive bearish movements.