empty
 
 
13.08.2018 09:09 AM
Technical analysis of EUR/USD for August 13, 2018

This image is no longer relevant

Overview:

The EUR/USD pair continues moving in a bearish trend from the resistance level of 1.1553 to 1.1368.

Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.

The bias remains bearish in the nearest term testing 1.1300 and 1.1283. Immediate resistance is seen around 1.1425 levels, which coincides with the weekly pivot.

Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1425. So it will be good to sell at 1.1425 with the first target of 1.1300. It will also call for a downtrend in order to continue towards 1.1283. The strong weekly support is seen at 1.1283.

However, if a breakout happens at the resistance level of 1.1425, then this scenario may be invalidated.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback