EURUSD DAILY OUTLOOK FOR THE WEEK 8/8... dari Trendkings

08 Aug 2021, 23:04 · Views 464

EURUSD on Friday hits a support and has formed a double bottom at 1.17636, I expect two possible scenarios, a breakout to the downside should move price to 1.17024, and a bounce could push price to hit the 50 fib level at 1.18339, the market is still on a downtrend considering that the lower highs and lower lows are still in place and that candlesticks are below the moving averages while the Stochs hasn’t been oversold.

I have a bearish bias for the week; I would be looking for sell opportunities if price closed below this double bottom support level, and I would be looking for long opportunities toward the fib 50 level 1.18339 if price bounces from this double level.

Disclaimer: What I have shared above is not a financial or investment advice, it’s an opinion that could be helpful for educational purposes only, whatever trading decision you make is at your own risk.

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