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EUR/USD: Euro bounced at 1.15426

Written By LMAX Exchange Research Desk | 2018-08-06 11:59:00 GMT

EUR/USD: The Euro was under pressure at 1.5543 support and slipped below 1.5543 but bounced at 1.15426 support and managed to get back up above 1.5543.

The pair is still under pressure to hang on above 1.15543 support as indicated in the 60 minutes price chart but it is crucial to maintaining price action at the current level to continue to its next challenge at 1.15824.

What is going on now

EUR/USD:  The Euro is currently trading at 1.15583 and could continue to its next target at 1.15824 if it continues to hold above the current support at 1.15543.

My thoughts on what may happen

1. EUR/USD: The Euro bounced at 1.15246 a critical technical support price point which was highlighted in yesterday's update has given some temporary relief to those who try to buy low and sell high and as long as it maintains trading activities above the three critical price points highlighted in yesterday's session -1.15543, 1.15426, 1.15247  then I think we might see some price movements to the upside in the coming sessions.

2. EUR/USD needs to hold above 1.15543 to continue to its next target at 1.15824. A break above 1.15824 could push prices further to its second target at 1.16095

3. Support - 1.15543, 1.15426, 1.15247

4. Resistance - 1.15824, 1.16095, 1.16325

5.  It is a good practice to apply a stop loss to your trades to protect your capital in case the market moves against your position.

Author

By LMAX Exchange Research Desk
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