Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis

The Euro initially pulled back during the week, reaching down to the 1.17 level before recovering a bit and showing signs of life again. By doing so, we have formed a slightly bullish candlestick, but at this point it looks as if we are simply killing time. The market had surged higher to get to this area, but now has shown itself to be a bit cautious. This makes sense because we had overextended the rally. However, I have a couple of levels that I am paying attention to for the next trade.

EUR/USD Video 17.08.20

If we break above the 1.19 handle, it is very likely that we will go looking towards 1.20 level, followed by the 1.25 level. Ultimately, that is my longer-term target, the 1.25 level. This does mean that we get there quickly, and quite frankly I would expect another week or two of this sideways action due to the fact that we are at the end of the vacation season, which is typically a very slow time in the FX markets.

Know where EUR/USD is headed? Take advantage now with 

75% of retail CFD investors lose money

If we were to turn around a break down below the 1.17 level, it is likely that the market would break back down towards the 1.15 handle. Having said that, I would not be a seller that point I would simply look for value underneath. I believe that there would be a lot of buyers in that general vicinity, and it would make sense that value hunters would come back into the picture. We are most certainly in a very bullish trend at this point, but it has gotten a bit overdone. Simply waiting for value is the best way to go.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.