empty
29.08.2023 09:07 AM
Technical Analysis of EUR/USD for August 29, 2023

Technical Market Outlook:

The EUR/USD pair has bounced from the recent lows to test the key technical resistance located at 1.0834. The big Head & Shoulders pattern on the H4 time frame chart extends the market drop the downside with a potential target seen at the level of 1.0636 (H&S measurement). The intraday technical resistance is seen at the level of 1.0841. 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 possible.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.08599

WR2 - 1.08348

WR1 - 1.08265

Weekly Pivot - 1.08097

WS1 - 1.08014

WS2 - 1.07846

WS3 - 1.07595

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

Technical Analysis of Daily Price Movement of GBP/CAD Cross Currency Pairs, Tuesday June 03, 2025

From what is seen on the 4-hour chart of the GBP/CAD cross currency pair, there appears to be a Divergence between the GBP/CAD price movement and the Stochastic Oscillator indicator

Arief Makmur 08:23 2025-06-03 UTC+2

Technical Analysis of Intraday Price Movement of EUR/JPY Cross Currency Pairs, Tuesday June 03, 2025.

If we look at the 4-hour chart of the EUR/JPY cross currency pair which moving below the WMA (21), which also has a decreasing slope and the appearance of Convergence

Arief Makmur 08:23 2025-06-03 UTC+2

Forecast for EUR/USD on June 3, 2025

Risk appetite on Monday was widespread: the S&P 500 rose by 0.41%, oil by 1.71%, gold by 2.37%, the dollar index dropped by 0.63%, and the yield on 5-year

Laurie Bailey 05:17 2025-06-03 UTC+2

Forecast for GBP/USD on June 3, 2025

Amid strengthening risk market trends and a 0.63% decline in the US dollar, the British pound rose by 93 pips. The price is now seriously poised to target the 1.3635

Laurie Bailey 05:17 2025-06-03 UTC+2

Forecast for USD/JPY on June 3, 2025

On Monday, the yen strongly broke through the MACD line support and the target level at 143.45, moving 134 pips. The Marlin oscillator has settled into the bearish territory

Laurie Bailey 05:17 2025-06-03 UTC+2

XAG/USD. Analysis and Forecast

Today, at the start of the new week, silver is rising, recovering above the psychological $33.00 level and offsetting part of Friday's losses. However, the intraday rally lacks strong momentum

Irina Yanina 18:40 2025-06-02 UTC+2

Trading Signals for EUR/USD for June 2-5, 2025: sell below 1.1474 (21 SMA - 6/8 Murray)

EUR/USD is trading around 1.1437, below the Murray 6/8 level and within the uptrend channel formed on May 9. The instrument has an area where buyers have found it easier

Dimitrios Zappas 18:38 2025-06-02 UTC+2

Trading Signals for GOLD (XAU/USD) for June 2-5, 2025: sell below $3,3802 (21 SMA - 6/8 Murray)

Gold left a gap at 3,427 in early May, and we believe it could close this gap in the coming days. Therefore, any pullback in the coming days will

Dimitrios Zappas 18:36 2025-06-02 UTC+2

Forecast for GBP/USD on June 2, 2025

On the hourly chart, the GBP/USD pair traded between the levels of 1.3425 and 1.3520 in a horizontal channel on Friday. Thus, there were no trading or reversal signals

Samir Klishi 17:42 2025-06-02 UTC+2

Forecast for EUR/USD on June 2, 2025

On Friday, the EUR/USD pair dropped to the 50.0% Fibonacci correction level at 1.1320, rebounded, and turned in favor of the euro, subsequently rising toward the resistance zone of 1.1374–1.1380

Samir Klishi 12:01 2025-06-02 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.