FX.co ★ EUR/USD for August 16,2019 - Strong downward prerssure on the EUR

EUR/USD has been trading downwards, exactly what I expected yesterday. EUR is in strong downward trend and there is potential for more downside and potential test of key swing low at 1.1030.

Green rectangles – Balance boundaries

Blue rectangle – Resistance (1.1130)

Blue rectangle – Resistance 2 (1.1090)

Magenta rectangle – Swing low support (1.1035)

EUR is still making new 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 on the 5/15 minute time-frame. 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 in the backgrorund.