FX.co ★ Technical analysis of EUR/USD for August 7, 2015

Overview:

• According to the previous events, the price of the EUR/USD pair is going to move between the levels of 1.0880 and 1.0954. But, the resistance has already set at the level of 1.0986 and the support stood at 1.0880. So, we expect a range about 85 pips today (Agust 7, 2015). Additionally, it should be noted that if the trend is ascending, the strength of the currencies will be defined as follows: EUR is in the uptrend and USD is in the downtrend. Therefore, it will be wise to sell in this area (1.0954) with the first target at 1.0948. The price will be able to continue in the downtrend towards 1.0890 in order to try to break the weekly support one. On the other hand, the stop losses should be placed above the double top at 1.1017.

Intraday technical levels:

Date:7/08/2015

Pair:EUR/USD

• R3: 1.1022
• R2: 1.0983
• R1: 1.0952
• PP: 1.0913
• S1: 1.0882
• S2: 1.0843
• S3: 1.0812