Intraday technical levels and trading recommendations for EUR/USD for August 10, 2017 888011000 110888 Month-to-month Outlook In January2015, the EUR/USD pair moved below the significant need levels near 1.2100(several previous bottoms embeded in July 2012 and June 2010). A long-lasting bearish target was projected toward 0.9450. In March 2015, EUR/USD bears challenged the monthly need level around 1.0500, which had been formerly reached in August 1997. In the longer term, the level of 0.9450 remains a forecasted target if any regular monthly candlestick achieves bearish closure listed below the illustrated regular monthly need level of 1.0500. The EUR/USD pair was caught within the depicted combination variety(1.0500-1.1450)up until the current bullish breakout was executed above 1.1450. The existing bullish breakout above 1.1450 enables a fast bullish advance towards 1.1850 and 1.2000-1.2100 where price action need to be expected apparent bearish rejection and a valid OFFER Entry. Daily Outlook In January 2017, the previous downtrend reversed when the Head and Shoulders pattern was developed around 1.0500. Since then, obvious bullish momentum has been expressed on the chart.As expected, the ongoing bullish momentum allowed the EUR/USD set to pursue furtherbullish advance to 1.1415-1.1520(Daily Supply-Zone). The daily supply zone failed to stop briefly the continuous bullish momentum. Instead, an apparent bullish breakout is being experienced on the chart. The closest supply level to satisfy the set lies around 1.2080 (Level of previous multiple bottoms )where price action need to be watched carefully.On the other hand, the price zone of 1.1415-1.1520 (in confluence with the portrayed uptrend)stands as a prominent NEED zone to be enjoyed throughout the current bearish pullback.The material has been provided by InstaForex

By | August 10, 2017

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