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EUR/USD Forecast August 14, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Aug 12, 2017, 06:04 GMT+00:00

The EUR/USD pair initially dipped lower during the day on Friday, but then shot higher impulsively during the American session. It looks as if the market

EUR/USD daily chart, August 14, 2017

The EUR/USD pair initially dipped lower during the day on Friday, but then shot higher impulsively during the American session. It looks as if the market is trying to find its footing, and eventually should go looking for higher levels. With this in mind, I am a buyer of dips overall, but I recognize that the longer-term chart suggests that perhaps we might see a bit of consolidation in this general vicinity. Certainly, the most recent impulsive move has been to the upside so it makes sense that buying the dips is probably the safest way to trade this market. I think that the 1.17 level underneath is massively supportive, and therefore I don’t think we break down below there anytime soon. However, as I mentioned it looks a bit consolidated on the weekly chart, so it’s likely to be a very difficult market to trade for more than short-term opportunities over the next couple of sessions.

EUR/USD Video 14.8.17

About the Author

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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