Monday, 13 August 2018

EUR/USD Found Some Support



EUR/USD found some support at 1.1365 after the rather impressive move to the downside caused by the fundamentals last Friday. The pair formed two inverted hammer candlestick at the aforementioned support level on the four-hour time-frame and promptly bounced off from it, beginning a retracement. It is currently testing the resistance at 1.1420 and if it breaks out above that level it will likely rally towards 1.1450 at least. On the other hand, the trend remains as bearish as ever, so once this retracement is over the move to the downside will probably continue. A breakout below the last low at 1.1365 will likely lead to a further move to the downside towards 1.1200.

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