EURUSD Daily Forecast: August 23

By @ibtimes on

EURUSD Forecast

The EURUSD attempted to push higher yesterday after unable to make a clear break below 1.4350, topped at 1.4433 but closed lower at 1.4356 after found a good intraday resistance at the upper line of my bearish channel as you can see on my hourly chart below suggests the bearish intraday phase since the false breakout above the triangle remains intact but overall I am still in a no trade zone as long as price moves inside the triangle. Immediate resistance remains around the upper line of the bearish channel and 1.4400 region followed by 1.4500 and the upper line of the triangle. Price has been in consolidation phase for a long time now and I hope a clear break from the triangle could give us a clearer direction and trending market. On the downside, immediate support remains around 1.4350. A clear break below that area could trigger further bearish pressure testing 1.4300 – 1.4250 and the lower line of the triangle.

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