Short-term technical analysis on EURUSD for August 24, 2021.

EURUSD continues to trade higher. Price has reached our bounce target area of 1.1750-1.18. Resistance at 1.18 remains key. Bulls need to recapture 1.18 if they want to see price continue higher towards 1.19. Our next target is at the 1.19 where we find important Fibonacci resistance level.

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Red lines- bullish divergence

Blue lines- Fibonacci retracement

Green line- neckline support

EURUSD is back testing the broken neckline support. Price was expected to reach this area. This is the first important test for bulls. Breaking above it will open the way for a move higher towards the 1.18 high. Our longer-term target as long as price is above 1.1665 is at 1.19 where we find the 38% Fibonacci retracement level. Short-term trend is changing to bullish, in order to get confirmation of the trend change, price must break above 1.1805.

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

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