Technical analysis of EUR/USD for August 24, 2018

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Overview:

The EUR/USD pair will continue rising from the level of 1.1558 in the short term. It should be noted that the support is established at the level of 1.1503 which represents the first support on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1503. So, buy above the level of 1.1503 with the first target at 1.1628 in order to test the daily resistance 1. The level of 1.1628 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 1.1628, then the market will call for a strong bullish market towards the objective of 1.1676 today. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1503, a further decline to 1.1426 can occur. It would indicate a bearish market.

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