EUR/USD Forecast 18 Aug




Good day forex traders and readers.

Welcome to an update on our favorite currency pair, the EUR/USD.

In the previous EUR/USD forecast we noted that the currency pair was still on a bearish trend. We observed that 1.3350 was tested and if the EUR/USD remained above 1.34, a higher possibility of a bullish return might be expected.

IMG_0401.PNG


Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency pair remained bearish. It is interesting to note that the EUR/USD continues to be well bid towards the 1.3200+.

The 1.34 support and resistance level continues to function as a critical pivot and it is important that we continue to observe this region for insights to the currency trend.



Fundamental Analysis

The US dollar retained it’s demand for the week as risk aversion continued to linger in the markets. Besides, the Euro Zone economic releases for the week were mostly underperforming and hence further diluted any demand for the euro currency.

Next week brings us more data and it includes the US FOMC meeting minutes. Do ensure proper money management.

To get the most out of TheGeekKnows, join our free email mailing list. Get forex updates, forecasts and warnings! Join on the right side bar.

Have you checked out our membership subscription? Enjoy your own member dashboard with exclusive premium analysis for as low as less than $0.20 a day! Time Limited Promotion 30% OFF. Secure Discounted Rates Now.
Now enhanced with our proprietary Price Action Bias Signals.
Find Out More Further Reading

Subscribe to FREE analysis and tips via FB messenger
Subscribe to FREE analysis and tips via email
Get Premium Analysis at LESS than $0.20 a day