Eur/usd Price Analysis: Extra Gains Need To Clear 1.0370/80

Eur/usd Price Analysis: Extra Gains Need To Clear 1.0370/80

  • Trade Ideas
  • Forex
  • 2022, 12 August

Brief:

  • EUR/USD corrects lower and tumbles to 1.0270.
  • Further upside is expected beyond 1.0370/80.

EUR/USD comes under pressure and breaks below 1.0300 after four daily gains in a row on Friday.

Despite the knee-jerk, the continuation of the uptrend looks favoured in the very short term. That said, the pair needs to clear the August high at 1.0368 (August 10) as well as the 6-month resistance line around 1.0380 to open the door to a probable move to the 100-day SMA, today at 1.0522.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0894

Suggestion:

Sell below 1.0305 for 1.0220 and 10200

Else

Buy above 1.0305 for 1.0330 and 1.0365

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