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The EUR/USD is Waiting a Confirmation to Establish the New Direction
The EUR/USD is Waiting a Confirmation to Establish the New Direction
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By - Jamel Lahiani

Posted - 07-08-2019
  • The EURUSD is waiting for a confirmation to establish a new bearish trend or to stay bullish.

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.

CLICK ALSO: The EUR/USD Is At The Top of A Bullish Movement And Tries To Reverse

GRAPHIC 1: EURUSD DAILY CHART (AUGUST 7, 2019)
The daily chart is under the resistance line in red and MA14. The resistance line is decreasing. It is more plausible that the pair is bearish and a short entry could be taken at the limit of the resistance line ”SELL”. In the other side, if the chart breaks the resistance line in red to the upside and we have a higher high and higher low movement the bullish trend persists ”BUY”.

GRAPHIC 2: EURUSD HOURLY CHART (AUGUST 7, 2019)
The hourly chart is under the resistance line in red and the MA14 in blue. It seems that the bullish trend is finished and we are waiting for a confirmation. In fact, if the chart breaks the support line in green and close to the downside we can expect a bearish movement” SELL”. In the other side, if the chart breaks the resistance line in red and close to the upside the bullish movement persists” BUY”.

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