Technical analysis of EUR/USD for August 28, 2015

EURUSDH1.png

Overview:

  • The EUR/USD pair is expected to form strong resistance at the level of 1.1364. So, according to the previous events, the pair is still moving between the levels of 1.1364 and 1.1140. The major support was found at the level of 1.1098, and the double bottom is seen at the level of 1.1098 in the H1 chart. As it is known, historic rates should be used to determine the further direction. Consequently, it will be of the discernment to use historic rates to determine future prices. Therefore, sell below the level of 1.1364 with the first target at 1.1263 in order to test the weekly pivot point. Moreover, if the trend manages to break the level of 1.1263, thus, it might resume to 1.1137 and then 1.1098. On the other hand, the stop loss should always be taken into account, hence it will be wisdom to set your stop loss at the 1.1385 price.

Warning:

  • Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

The material has been provided by InstaForex Company – www.instaforex.com

Tags: