EURUSD Daily Forecast: August 08

By @ibtimes on

EURUSD Forecast

The EURUSD had another volatile but indecisive movement last week, made another Doji on weekly chart. On my daily chart below we can see price is still moving inside the major bullish channel since the bullish run from 1.1875 but corrected lower after hit 1.4939. Now let’s give more focus to the area in the red box, where price has been moving indecisively but we still have lower highs since the fall from 1.4939. From this point of view, actually price is still in a downside correction phase but significant bullish rebound were seen after price moved near 1.3850 support area and the lower line of the bullish channel, keep the major bullish outlook intact. For intraday traders, I think this situation is not the best condition to have any trade.  Immediate support is seen around 1.4265/30. A clear break below that area could change the intraday bias to bearish testing 1.4150. Immediate resistance is seen at 1.4376 (current high). A clear break above that area could change the intraday bias to bullish testing 1.4450 region.

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