EUR/USD Forecast August 11, 2017, Technical Analysis

Christopher Lewis
EUR/USD daily chart, August 11, 2017
EUR/USD daily chart, August 11, 2017

The EUR/USD pair initially fell on Thursday, testing the 1.17 level. However, we have turned around significantly, and it looks as if this area could hold. If we can break above the 1.1775 level, the market should continue to go to the upside, reaching towards the 1.1820 level. A break above that level since the market even higher. I believe though, there is continued volatility in the markets, so we can break down below the 1.17 level, we would probably look for the 1.16 level after that.

Longer-term uptrend

The market is in a longer-term uptrend as we have broken above the psychologically important 1.15 handle which served as massive resistance for almost 3 years. However, there is quite often quite a bit of noise after such a trend change in breakout. Because of this, I think we will be prone to pullbacks from time to time, but those should represent value that I think most traders will be willing to take advantage of. I think that the longer-term target is still the 1.20 level, and that area should continue to be very important on the longer-term charts, and therefore make a juicy target.

EURUSD analysis Video 11.8.17

Don't miss a thing!

Discover what's moving the markets sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Favorites

SymbolLast PriceChange
EURUSD
EUR/USD
1.2220
-0.0052
-0.42%
GBPUSD
GBP/USD
1.3949
-0.0052
-0.37%
XAUUSD
Gold
1324.2
-8.5800
-0.64%
CL
Crude Oil
67.875
-0.3450
-0.51%
SPX
S&P 500
2682.0
+4.7500
+0.18%
DAX
DAX 30
12580.5
-1.5000
-0.01%
Live Quotes

Top Promotions

Top Brokers

Don't miss a thing!

Discover what's moving the markets sign up for a daily update delivered to your inbox