Looking at the technical picture of
EURUSD
on our 4-hour chart, we can see that the pair made its way back to its short-term tentative downside resistance line drawn from the high of 18th of July. This happened after finding support near the 1.0765 territory.
Given that the downside line currently remains intact, according to the TA rules, we have to stick to the downside scenario and aim lower. That said, we will most likely go with that plan, if we see strong rejections near that trendline. If that happens, we will then aim for the 1.0842 obstacle, or even the 1.0783 and 1.0765 levels. A break of the latter one would confirm a forthcoming lower low, possibly inviting even more sellers into the game.
As we also know, the more tests a trendline experiences, the more chances for a break there is. If the previously mentioned trendline surrenders to the bulls and we also see a push above the current high of this week, at 1.0892, this may spook the bears from the field for a while.
EURUSD
could then make its way to the high of last week, at the 1.0930 zone, or the psychological 1.1000 territory.
@DariusAnucauskas
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
EURUSD
on our 4-hour chart, we can see that the pair made its way back to its short-term tentative downside resistance line drawn from the high of 18th of July. This happened after finding support near the 1.0765 territory. Given that the downside line currently remains intact, according to the TA rules, we have to stick to the downside scenario and aim lower. That said, we will most likely go with that plan, if we see strong rejections near that trendline. If that happens, we will then aim for the 1.0842 obstacle, or even the 1.0783 and 1.0765 levels. A break of the latter one would confirm a forthcoming lower low, possibly inviting even more sellers into the game.
As we also know, the more tests a trendline experiences, the more chances for a break there is. If the previously mentioned trendline surrenders to the bulls and we also see a push above the current high of this week, at 1.0892, this may spook the bears from the field for a while.
EURUSD
could then make its way to the high of last week, at the 1.0930 zone, or the psychological 1.1000 territory. @DariusAnucauskas
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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