By - Jamel Lahiani
Today our analysis will be concerned with EURUSD: The most traded currency pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.
GRAPHIC 1: EURUSD DAILY CHART (AUGUST 6, 2019)
The daily chart is under the resistance line in red. The resistance line is decreasing. It is more plausible that the pair is bearish and a swing short entry could be taken at the limit of the resistance line. We have two resistance lines the green and the blue. If the pair breaks the first resistance line in blue and close to the downside. We can decide a short entry and take profit at the green line.
GRAPHIC 2: EURUSD HOURLY CHART (AUGUST 6, 2019)
The hourly chart is trending bullish. We have two support lines in green and blue. At court term, if the pair breaks the blue line and close to the downside a good strategy can be to sell EURUSD and take profit at the green line. If the pair breaks the green line and close to the downside and we have a Lower High and Lower Low movement a new bearish trend is established then Sell. This can be verified at 15H00 GMT. In fact, we have an important publication done by the US Bureau of Labor Statistics concerned with a survey of the Job Openings in USA.
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