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EUR/USD Technical Analysis - EUR/USD Trading: 2024-08-06
EUR/USD Technical Analysis Summary
Below 1.09180
Sell Stop
Above 1.09839
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Buy |
| Fractals | Sell |
| Parabolic SAR | Sell |
EUR/USD Chart Analysis
EUR/USD Technical Analysis
The technical analysis of the EURUSD price chart on 1-hour timeframe shows EURUSD,H1 is retracing down toward the 200-period moving average MA(200) after hitting seven-month high yesterday. We believe the beaish momentum will continue after the price breaches below the lower bound of the Donchian channel at 1.09180. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.09839. After placing the order, the stop loss is to be moved to the next fractal high, following Parabolic indicator signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - EUR/USD
Euro area investor sentiment deteriorated in August. Will the EURUSD price retreating continue?
Euro area investor sentiment deteriorated steeply. The Sentix survey results showed Sentix Investor Confidence index fell to -13.9 for August from -7.3 for July when an increase to -5.5 was forecast. The index dropped to its lowest since January. The investor expectations fell even more sharply. Deterioration of euro zone investor sentiment is bearish for EURUSD.
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