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EURUSD Price Analysis: Rebound to Hit Resistance Shortly

EURUSD Price Analysis: Rebound to Hit Resistance Shortly

2018-08-16 10:00:00
Nick Cawley, Analyst
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EURUSD – Price, Chart and Technical Analysis

  • EURUSD moving off its 14-month low.
  • Fibonacci resistance remains a barrier for further upside movement.

The latest IG Client Sentiment Indicator shows how retail are currently positioned in EURUSD - 58% long - and how daily and weekly changes can affect trading decisions.

The DailyFX Q3 forecasts and analysis of USD and EUR are available to download here.

EURUSD Heading Back to Fibonacci Resistance

The recent rebound in EURUSD continues to look weak and may struggle to break back above resistance at 1.14480, the 50% retracement of the January 2017 – February 2018 rally. On the daily chart the pair remain technically weak with only the oversold RSI indicator providing any potential bullish momentum. If resistance is broken the upside looks capped around 1.1554 where the November 2017 swing low joins the 20-day moving average.

EURUSD Daily Price Chart (November 2017 – August 16, 2018)

EURUSD Price Analysis: Rebound to Hit Resistance Shortly

The four-hour EURUSD chart shows the pair currently finding resistance from the 20- and 50-day moving average cloud while thr RSI indicator is near mid-market. The current four-hour candle highlights market indecision and a narrow trading range and may be setting-up a break lower. On the upside a confluence of resistance up to 1.1474.

EURUSD Four-Hour Chart (July 23 – August 16, 2018)

EURUSD Price Analysis: Rebound to Hit Resistance Shortly

Fundamental overhangs for the Euro this week include the latest round of Brexit discussions in Brussels and Friday’s University of Michigan sentiment reading which is expected to nudge 0.1% higher to 98.0.

If you are new to foreign exchange, or if you would like to update your knowledge base, download our New to FX Guide and our Traits of Successful Traders to help you on your journey.

What’s your opinion on EURUSD? Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at Nicholas.cawley@ig.com or via Twitter @nickcawley1

--- Written by Nick Cawley, Analyst

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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