EUR/USD: Trading Recommendations
Yuri Papshev | Aug 30, 2021 07:17AM ET
In case of breakdown of the important resistance level 1.1825, further growth towards the key resistance levels 1.1885, 1.1905 can be expected. Breakdown of the long-term resistance level of 1.2065 will return EUR/USD to the bull market zone with the prospect of its further growth to the resistance levels of 1.2180 (50% Fibonacci level of the upward correction in the wave of the pair's decline from the level of 1.3870, which began in May 2014, and the highs of 2018), 1.2260, 1.2340, 1.2450, 1.2500, 1.2580 (Fibonacci level 61.8%), 1.2600.
In an alternative scenario and after the breakdown of the support levels 1.1792, 1.1780 (Fibonacci level 38.2%), EUR/USD will go deep into the descending channel on the daily chart, and the breakdown of the support level 1.1754 will signal the resumption of the EUR/USD downward dynamics.
A break of the long-term support level of 1.1625 will finally return the pair to the long-term bear market zone.
h2 Trading Recommendations/h2Sell Stop 1.1770. Stop-Loss 1.1815. Take-Profit 1.1754, 1.1710, 1.1665, 1.1625
Buy Stop 1.1815. Stop-Loss 1.1770. Take-Profit 1.1825, 1.1885, 1.1905, 1.1950, 1.2065, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600
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