Technical analysis of EUR/USD for August 16, 2019

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Technical Market Overview:

The EUR/USD pair has moved below the 61% Fibonacci retracement that is located at the level of 1.1111 and the new low was made at the level of 1.1086 (at the time of writing). This is the ultimate clue that the bullish flag pattern has been ignored and the bears want to penetrate the lower range levels. The next target for bears is seen at the level of 1.1034. Please notice that this time of the year the volatility might get limited due to the summer season, so it might take a while to make a breakout in this market conditions. The larget timeframe trend remains bearish.

Weekly Pivot Points:

WR3 – 1.1413

WR2 – 1.1325

WR1 – 1.1264

Weekly Pivot – 1.1187

WS1 – 1.1117

WS2 – 1.1041

WS3 – 1.0978

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is completed or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon.

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

Source:: Technical analysis of EUR/USD for 16/08/2019:

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