EURUSD Daily Forecast Aug 19 2016

EURUSD: Bullish, Eyes Further Upside! Support Comes At The 1.1321 Levels...

EURO-Dollar-min

EURUSD: Bullish, Eyes Further Upside!

EURUSD: Outlook in EURUSD remains on the upside as long as 1.1321 support holds on a daily closing basis. Resistance comes at the 1.1400 levels. A halt is likely, but a break would open the 1.1490 levels. A further upside, resistance stands at the 1.1615 levels…

On the down. Support comes at the 1.1321 levels broken resistance turned support. A daily close back below this level will suggest possible corrective pullback to the 1.1232/1.1176 levels before the next rising…

Conclusion: The EURUSD continues to see upside threats above the 1.1321 levels with risk to the 1.1400 levels, below 1.1321 sees a corrective pullback threat to the 1.1232/1.1176 levels.

Considerations:

  • A daily closing back below 1.3121 will suggest a possible false breakout above 1.3121 levels, If seen, we need to evaluate pair’s activities to anticipate the next move ( consolidation is likely).
  • Intraday support comes at the 1.1327 levels, stability above this level will keep pushing to the upside to toward the 1.1400 levels. below 1.1327 should weaken recent rising, next support levels come at the 1.1304, 1.1239, 1.1178 levels…
  • With a lack of critical news today, sideways move or a corrective pullback is likely…

EURUSD Daily Forecast Aug 19 2016

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