empty
26.08.2023 11:56 AM
Technical analysis of EUR/USD for August 26, 2023

This image is no longer relevant

Overview :

The EUR/USD pair dropped to 1.0855 after the release of the FOMC this week, reaching its lowest level since Friday. The pair has a bearish tone ahead of the Asian session as market participants prepare to analyze the upcoming US labor market data.

The outlook is turning negative for the Euro after the EUR/USD pair dropped below the 50-day SMA. Technical indicators in the daily chart point to the downside, with the Relative Strength Index (RSI) moving south breaking under 50.

Together with the price below the 50-day SMA, this offers a bearish signal. The negative tone will ease if the Euro manages to post a daily close above 1.1003. The EUR/USD pair fell sharply from the level of 1.0923 towards 1.0855. Now, the price is set at 1.0855 to act as a daily pivot point.

It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.0923 and 1.0800 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.0868 and 1.0829, which coincides with the 61.8% and 38.2% Fibonacci retracement level respectively.

That said, there was some positive economic news earlier Wednesday, with French industrial production rising 1.3% on the month in August, considerably stronger than the fall of 0.5% expected. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend.

From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 1.0923. Thereupon, the price spot of 1.0923 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective.

It'll indicate a bearish opportunity below 1.0923, sell below 1.0923 or 1.0889 with the first targets at 1.0766 (the double bottom is seen at 1.0766) - Support 2 has already set at the level of 1.0700. However, the stop loss should be located above the level of 1.0923.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Signals for EUR/USD for April 11-15, 2025: sell below 1.1470 (+2/8 Murray - overbought)

During the European session, the euro reached a new high around +2/8 Murray, located at 1.1473. This movement in EUR/USD occurred after the announcement by China's Ministry of Finance that

Dimitrios Zappas 16:44 2025-04-11 UTC+2

Trading Signals for GOLD (XAU/USD) for April 11-13, 2025: sell below $3,235 (+1/8 Murray - overbought)

Early in the American session, gold is undergoing a strong technical correction after reaching a new high around 3,237.69 for now. Economic data from the United States will be released

Dimitrios Zappas 16:04 2025-04-11 UTC+2

EUR/USD – April 11th. The Dollar's Decline Shows No Sign of Stopping

On Thursday, the EUR/USD pair spent the entire day in an upward move, gaining 400 points and approaching the 261.8% Fibonacci corrective level at 1.1318. A rebound from this level

Samir Klishi 12:36 2025-04-11 UTC+2

Forecast for GBP/USD on April 11, 2025

On the hourly chart, the GBP/USD pair continued its upward movement on Thursday and secured a position above the 127.2% corrective level at 1.3003 – by Friday morning. This suggests

Samir Klishi 12:32 2025-04-11 UTC+2

Forex forecast 11/04/2025: EUR/USD, GBP/USD, SP500, NASDAQ, and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 09:52 2025-04-11 UTC+2

EUR/USD Forecast for April 11, 2025

Over the past day and this morning, the euro has reached the target range of 1.1385–1.1420, corresponding to the highs of June 2019 and 2020. The signal line

Laurie Bailey 05:03 2025-04-11 UTC+2

GBP/USD Forecast for April 11, 2025

The British pound has reached the target level of 1.3001. The signal line of the Marlin oscillator is breaking through the zero line into bullish territory, opening the way toward

Laurie Bailey 05:03 2025-04-11 UTC+2

USD/JPY Forecast for April 11, 2025

Yesterday, the USD/JPY pair decisively broke through the wide support range of 145.08/91 and reached the target level of 143.45 during today's Pacific session. The Marlin oscillator has only recently

Laurie Bailey 05:03 2025-04-11 UTC+2

Trading Signals for GOLD (XAU/USD) for April 10-12, 2025: sell below $3,145 (21 SMA - 8/8 Murray)

The Eagle indicator is reaching oversold levels and is giving a negative signal, so we will look for opportunities to sell below 3,145 or below 3,131 with a target

Dimitrios Zappas 15:37 2025-04-10 UTC+2

EUR/USD. April 10. Trump Continues to Shake the Markets

On Wednesday, the EUR/USD pair made two rebounds from the resistance zone of 1.1081–1.1095, turned in favor of the U.S. dollar, and declined toward the support zone of 1.0944–1.0957

Samir Klishi 12:19 2025-04-10 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.