FX.co ★ EUR/USD for August 15,2019 - Downward brekaout of 6-day trading range

EUR/USD did break the 6-day balance to the downside and it is down breakout mode. There is still more downside yet to come in my opinion and potential test of 1.1035.

Green rectangles – Balance boundaries

Blue rectangle – Resistance (1.1130)

Magenta rectangle – Swing low support (1.1035)

EUR did establish lower highs and lower lows, which is clear sign for me that trend is downward and that supply is in the control. Usually, when we are in the breakout mode, I would wait for 3-5 days before any short-term long entry. I would watch mostly for selling positions on the rallies. Key swing low is set at 1.1035.

Stochastic oscillator is holding into extreme low reading but that is normal due to the breakout of bracket.