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    Technical analysis for the EURUSD on 05.08.2015

    The EURUSD: the uptrend has turned down

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 140 pips Max. 1.1000

    Min. 1.0700

    eurusd2

    Two-week growth of the Euro against the US dollar was followed by the breakout of the ascending channel’s lower border at 1.0925. The exit from the channel suggests continuation of the downtrend.

    It’s also worth noting, that bears managed to break and hold below the last week’s low – 1.0890 support. In a short run, we expect the re-test, followed by the bounce down.

    Potential rebound target is situated at 1.0810 support. The barrier is likely to be tested amid the publication of fundamental news in the US at 15.15 – 17.30. The breakout will open the way to 1.0700.

    Alternative scenario: long consolidation above 1.0810 support is probable.

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

    The EURUSD: the uptrend has turned down

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 140 pips Max. 1.1000

    Min. 1.0700

    eurusd2

    Two-week growth of the Euro against the US dollar was followed by the breakout of the ascending channel’s lower border at 1.0925. The exit from the channel suggests continuation of the downtrend.

    It’s also worth noting, that bears managed to break and hold below the last week’s low – 1.0890 support. In a short run, we expect the re-test, followed by the bounce down.

    Potential rebound target is situated at 1.0810 support. The barrier is likely to be tested amid the publication of fundamental news in the US at 15.15 – 17.30. The breakout will open the way to 1.0700.

    Alternative scenario: long consolidation above 1.0810 support is probable.

    Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!


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