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EUR/USD: Euro continued its uptrend heading towards 1.16095

Written By Valeria Bednarik | 2018-08-07 14:58:00 GMT

EUR/USD: The Euro took off from 1.15543 after breaking the resistance trend line as indicated in yesterday's update and achieved both estimated price target before retreating to 1.15824 support. The Pair managed to bounce at 1.15824 and continued to the upside during the European trading session.

 

What is going on now

EUR/USD:  The Euro is currently trading at 1.16042  quite close to the previous high at 1.16095 and would need a strong commitment to breaking through the 1.16095 resistance as it has been proven in the past to be a strong resistance point.

 

My thoughts on what may happen

 

1. EUR/USD: The Euro's latest break to the upside may have confirmed my previous estimate that the pair could be ready to make a turn. The pair is currently showing some significant improvement especially in the last 6 hours of trade. However, it would need to maintain trading activities above the trend line highlighted below the current price action to stay in the uptrend direction.

2. EUR/USD needs to break and stay above 1.16095  to continue to its next target at 1.16325 to 1.16465.

3. Support - 1.15824, 1.15697, 1.15543

4. Resistance - 1.16095, 1.16325, 1.16465

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.

6. A long trade position should only be considered if prices break and stay above1.16095 or a pullback and hold above 1.15697 to 1.15543

7. A potential long target is estimated at 1.16095, 1.16325, 1.16465

Author

By Valeria Bednarik
XM

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