EUR/USD: technical analysis 14.08.2019
On the 4-hour chart, the instrument is moderately falling along the lower line of the Bollinger Bands. At the moment the price has met the support at the level of 1.11694 (Murray [6/8]). In case the pair manage to cross this level, the sellers will aim for the 1.11555-1.11389 (Murray [5/8]) support zone. Alternative scenario. If the “bulls” manage to raise the rate above the level of 1.11856, the correction can continue to the area of 1.12000 (Murray [7/8]), which coincided with the middle line of Bollinger Bands. There is a chance of an downward rebound, while its breakdown would allow the raise to continue to 1.12189 mark. Technical indicators mostly reflect the moderate maintenance of the current downward trend. Bollinger Bands are pointed sideways. MACD is slowly growing in the negative zone. Stochastic’s lines are pointed downwards and are reaching the oversold area.
Support and resistance
Support levels: 1.11694, 1.11555, 1.11389.
Resistance levels: 1.11856, 1.12000, 1.12189.
Short positions can be opened below the level of 1.11856 with the target at around 1.11555-1.11389 and stop-loss 1.11913.
Long positions can be opened above the level of 1.12000 with the target at around 1.12189 and stop-loss 1.11937.