EUR/USD Market Analysis - August

fourtrades fourtrades
Aug 6, 2024 - 14:02 Updated: Aug 6, 2024 - 14:05
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EUR/USD Market Analysis - August

1-Hour Chart Analysis

  • Current Price: 1.09208
  • Trend: The daily and 4-hour charts remain bullish.
  • Key Levels:
    • Resistance: 1.09600 - 1.09700
    • Support: 1.09000 - 1.08900

The 1-hour chart indicates that EUR/USD is experiencing a short-term pullback within a broader bullish trend. The price is currently consolidating just below a key resistance level. If the price breaks above the resistance zone, it could target the upper resistance level around 1.09600 - 1.09700. Conversely, a failure to break above may result in a decline towards the support zone at 1.09000 - 1.08900.

 

1-Hour Chart Analysis by Fourtrades on TradingView.com

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4-Hour Chart Analysis

  • Current Price: 1.09285
  • Trend: Overall trend remains bullish, with the 50 EMA below the 20 EMA indicating strong bullish momentum.
  • Key Levels:
    • Resistance: 1.09700 - 1.09800
    • Support: 1.09000 - 1.08800

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The 4-hour chart shows that EUR/USD has broken out of a descending channel, indicating a potential bullish reversal. The price is currently testing a previous resistance level which, if breached, could lead to further gains towards the next resistance zone around 1.09700 - 1.09800. However, if the price fails to hold above the current support level, it may drop towards the support zone at 1.09000 - 1.08800.

Daily Chart Analysis

  • Current Price: 1.09322
  • Trend: The overall trend remains bullish, supported by the 50 EMA which is below the 20 EMA.
  • Pattern: The chart shows a rising wedge pattern with multiple touches on both support and resistance lines.
  • Key Levels:
    • Resistance: 1.09700 - 1.10000
    • Support: 1.09000 - 1.08500

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The daily chart analysis reveals a rising wedge pattern, which often indicates potential reversals. The price is currently at the upper boundary of this pattern, suggesting a possible breakout or reversal. If the bullish momentum continues, the price may target the upper resistance zone around 1.09700 - 1.10000. On the downside, a drop below the wedge's support line may lead to a decline towards the support zone at 1.09000 - 1.08500.

Conclusion

  • Short-Term (1-Hour): Bullish momentum with a potential breakout above 1.09600 - 1.09700.
  • Medium-Term (4-Hour): Bullish trend continuation with support at 1.09000 - 1.08800.
  • Long-Term (Daily): Watch for potential breakout or reversal from the rising wedge pattern.

Traders should monitor these key levels and patterns for potential trading opportunities. As always, managing risk with appropriate stop-loss levels is crucial.

For further updates and detailed market analysis, visit FourTrades Market Analysis.

08/06/2024