FX.co ★ EUR/USD for August 07,2019 - ABC down completed, upward movement is expexted

EUR/USD has been trading sideways at the price of 1.1215 but in my opinion there are high odds that EUR finished ABC downward correction and upward movement is expected. The level of 1.1180 did provide a solid support based on 4H time-frame.

Resistance levels to watch:

1.1250 – Recent H4 swing high

1.1280 – Cluster swing high

Support levels to watch:

1.1180 – Recent swing low levels

1.1150 – Cluster came became support

4H time-frame view:

Based on the 4H time-frame, I found new momentum up on the MACD oscillator in the background, which is sign of the underlying strong bullish pressure. Due to potential completion of the downward correction ABC, I do expect further upside and potential testing of 1.1250-1.1280. As long as the EUR is trading above the 1.1165, I would watch for buying opportunities.