empty
24.08.2023 08:26 AM
Technical Analysis of EUR/USD for August 24, 2023

Technical Market Outlook:

The EUR/USD pair has broken below the key short-term technical support located at the level of 1.0834 and made a new swing low at the level of 1.0804. Any continuation of the breakout will extend the big Head & Shoulders pattern on the H4 time frame chart to the downside, with a potential target seen at the level of 1.0636. The intraday technical resistance is seen at the level of 1.0872 and 1.0931. The weak and negative momentum on the H4 time frame chart supports the bearish outlook for EUR in the short-term, however a temporary pull-back form lows is welcome.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.09190

WR2 - 1.08998

WR1 - 1.08921

Weekly Pivot - 1.08806

WS1 - 1.08729

WS2 - 1.08614

WS3 - 1.08422

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle might be terminated at the level of 1.1286 which is 61% Fibonacci retracement level when it is hit, so please keep an eye on this level and the way the market participants (bulls and bears) will deal with it.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD Forecast for May 29, 2025

Main News of the Day: The U.S. Federal Trade Court has blocked the permanent implementation of import tariffs introduced by President Trump, ruling that he exceeded his authority

Laurie Bailey 05:01 2025-05-29 UTC+2

GBP/USD Forecast for May 29, 2025

Following a partial three-day decline, the British pound has reached the target support level at 1.3433. On the daily scale, the Marlin oscillator has not yet touched the lower boundary

Laurie Bailey 05:01 2025-05-29 UTC+2

AUD/USD Forecast for May 29, 2025

The internal political confrontation in the United States (a court ruling overturned Trump's trade tariffs) has brought the Australian dollar back into the 0.6394–0.6444 range. The Marlin oscillator has settled

Laurie Bailey 05:01 2025-05-29 UTC+2

XAU/USD. Analysis and Forecast

Gold is rising today as investors remain on edge amid uncertainty surrounding trade tariffs, fiscal challenges in the U.S., and geopolitical risks—factors that support demand for safe-haven assets. Additionally, expectations

Irina Yanina 18:23 2025-05-28 UTC+2

Trading Signals for EUR/USD for May 28-30, 2025: sell below 1.1350 (200 EMA - 21 SMA)

Early in the American session, the euro is trading around 1.1320 within the uptrend channel formed on the H4 chart since May 9 and showing signs of exhaustion

Dimitrios Zappas 18:02 2025-05-28 UTC+2

Trading Signals for GOLD (XAU/USD) for May 28-30, 2025: sell below $3,310 (200 EMA - 21 SMA)

Early in the American session, gold is trading around 3,306 within the bearish trend channel formed on H1 charts since May 23. The yellow metal is likely to continue

Dimitrios Zappas 18:01 2025-05-28 UTC+2

Forecast for EUR/USD on May 28, 2025

On Tuesday, the EUR/USD pair consolidated below the 1.1374–1.1380 zone and then rebounded from it from below. This confirms the continuation of the downward move, and a close below

Samir Klishi 11:32 2025-05-28 UTC+2

Forex forecast 28/05/2025: NZD/USD, EUR/USD, USD/JPY, Gold, and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:44 2025-05-28 UTC+2

GBP/USD – May 28th: How Will the FOMC Minutes Influence the Market?

On the hourly chart, the GBP/USD pair continued its decline on Tuesday and consolidated below the 161.8% Fibonacci retracement level at 1.3520. This means that the downtrend could continue today

Samir Klishi 09:54 2025-05-28 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 28, 2025.

With the appearance of Convergence between the movement of the AUD/JPY currency pair against the Stochastic Oscillator indicator and also confirmed by its price movement which is moving above

Arief Makmur 08:39 2025-05-28 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.